Warner Music Group is eyeing a 225,000-square-foot space at the Vornado Realty Trust-owned 7 West 34th Street, Crain’s reported. Warner currently has space at 75 Rockefeller Center, and faces a deadline with its lease expiring next year.
Still, the company is also looking over options to move elsewhere, sources familiar with the office search told Crain’s.
RXR Realty assumed control of 75 Rockefeller last year. The plan is to vacate the property, renovate it and score higher rents from the next generation.
Meanwhile, asking rents at the Vornado building are in the $40s to $50s per square foot.
Warner also has space at 1290 Sixth Avenue, which Vornado owns as well. If this 7 West 34th Street deal proceeds with the same landlord, then Warner can get out of its commitment at the other space, Crain’s said.
Also, if this deal goes through, it would be the second recent notable lease for the REIT. Facebook inked a 10-year lease at Vornado’s 770 Broadway, as reported this week. [Crain’s] —Zachary Kussin