Music publishing firm Kobalt Music Group has opted to keep up a presence within the Meatpacking District by renewing its lease at 2 Gansevoort St.
This determination comes after Kobalt beforehand subleased all of its workplace area within the nine-story constructing. In response to an nameless supply acquainted with the deal, Kobalt signed a brand new, 10-year lease for a smaller footprint of 10,000 sq. ft. The asking hire for this area was $115 per sq. foot.
In 2017, Kobalt initially dedicated to a extra expansive workspace at 2 Gansevoort by signing a lease for the complete sixth flooring, totaling 23,000 sq. ft. Nevertheless, Kobalt subsequently determined to sublease the complete area to music streaming service SoundCloud final 12 months.
The lease settlement for Kobalt was brokered by Scott Bogetti and Kirill Azovtsev of Savills. Representing the owner — previously referred to as the William Kaufman Group — was Sage’s Michael Lenchner, who negotiated the deal in-house.
“We’re thrilled that Kobalt Music Group is increasing and has prolonged their lease at 2 Gansevoort Avenue,” Lenchner mentioned. “We’re additionally excited to share that they’re the primary to maneuver into a brand new workplace product providing of Sage’s, which will likely be launching quickly. All workplace suites on the ground will likely be model new building, totally furnished, wired and move-in prepared.”
Initially inbuilt 1912, the 200,000-square-foot, totally modernized constructing can also be dwelling to style home Concept Holdings; life sciences firm Fortress Biotech; and well being care agency Rightway.
Based in 2000, Kobalt is a tech-driven music writer with a world attain, working places of work in Los Angeles and London, along with New York Metropolis. Its spectacular roster of artists consists of famend names like Phoebe Bridgers, The Lumineers, Paul McCartney and Stevie Nicks. The corporate additionally lately introduced the acquisition of further financing to spice up its funding capabilities to a staggering $1 billion.
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