Empire State Realty Trust Signs Universal Music Group to Full Floor at 250 West 57th Street
NEW YORK CITY, November 10, 2017 – Empire State Realty Trust (NYSE: ESRT) announced today that Universal Music Group (UMG), the world leader in music-based entertainment, has signed a 26,150 sq. ft. long-term lease at 250 West 57th Street, adjacent to UMG’s New York City headquarters at 1755 Broadway.
“We are thrilled to lease a full floor to Universal Music Group at the new 250 West 57th Street,” said Thomas P. Durels, Executive Vice President and Director of Leasing and Operations for ESRT. “This transaction marks our seventh full-floor tenant at 250 West 57th Street which has been modernized for the 21st century and has had an extensive redevelopment including new Gensler-designed lobby with its incredible art installation, new streetscape, new building entrance, modernized elevator system and new elevator cabs.”
Universal Music Group is home to some of music’s greatest artists, innovators, and entrepreneurs. The business owns and operates a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content in more than 60 countries.
Scott Gottlieb of CBRE represented Universal Music Group in the lease negotiations. Landlord representation was provided by Keith Cody of ESRT, along with Cushman & Wakefield’s Harry Blair, Sean Kearns and Heather Thomas.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world's most famous building. Headquartered in New York, New York, the Company's office and retail portfolio covers 10.1 million rentable square feet, as of September 30, 2017, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; and approximately 700,000 rentable square feet in the retail portfolio.
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