LEASEDOffice
Lucian Grainge Of Universal Music Group Signs Lease With Landlord Steven Roth In Midtown Manhattan
2 Pennsylvania Plaza
Building Size
—
Asset Type
Office
Closing
Apr 1, 2025
About this deal
AI
The office asset located at 2 Pennsylvania Plaza is situated in the Midtown Manhattan market. Universal Music Group has secured a lease for 336,000 square feet within the Vornado’s Penn 2 office tower. This transaction marks their relocation from 1755 Broadway, ahead of the lease expiration in 2028.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 2 Pennsylvania Plaza
- Landlord: Steven Roth - Vornado Realty Trust
- Tenant: Lucian Grainge - Universal Music Group
- Lease Size: 336,000 square feet
- Market: Midtown Manhattan
- Previous Location: 1755 Broadway
- Lease Expiration: 2028
Steven Roth represents Vornado Realty Trust in this transaction, while Lucian Grainge represents Universal Music Group. This lease agreement illustrates a strategic move for Universal Music Group, consolidating their office footprint in a prime location.
On the Map
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93