Common Music Group is ready to relocate its New York workplaces, the corporate introduced Tuesday, because the world’s largest music firm has signed a lease within the Penn 2 constructing in Manhattan. UMG is predicted to make the transfer in 2027.
The brand new workplaces will function the headquarters for UMG’s East Coast Republic Collective, the label group comprised of Republic, Def Jam, Island Data, and Mercury. It would additionally home Bravado, UMG’s merch arm, and the Verve Music Group in addition to Common Music Publishing Group’s east coast workplaces.
“UMG’s relocation of its New York workplaces to the brand new PENN 2 Tower displays our imaginative and prescient and ambition,” UMG chief working officer Boyd Muir mentioned in a press release. “Positioned within the coronary heart of Midtown Manhattan and actually adjoining to Madison Sq. Backyard, considered one of music’s most storied venues the place so lots of our artists carry out to a packed home, PENN 2 will function a perfect nexus for our workers, artists and songwriters.”
Muir mentioned that the brand new workplace house may also have music studios and retails areas to showcase artist merchandise. That retail house will likely be housed on PENN 2’s floor flooring on Seventh Avenue. UMG signed a 22-year lease and can occupy the complete fourth via seventh flooring of the constructing, the corporate mentioned.
“We’re delighted to welcome Common Music Group to THE PENN DISTRICT, which has firmly established itself because the epicenter of Manhattan’s new West Facet,” Glen Weiss, govt vp of workplace Leasing and co-head of actual property at Vornado Realty Belief, mentioned in a press release. “Common Music’s dedication to PENN 2 is additional proof of the district’s enchantment to the world’s most iconic manufacturers in enterprise, way of life and leisure.”
