In a Friday afternoon filing with the SEC, Warner Music Group (UNKNOWN:WMG.DL) revealed the details of its new world headquarters at 1633 Broadway in midtown Manhattan.
Warner is renting nearly 300,000 square feet of office space from Paramount Group in what amounts to a 16-year deal, expiring on July 31, 2029. The company also retains a one-time right to extend the terms for five or 10 years and may, under certain conditions, lease additional space as needed.
The company is initially on the hook for $16 million in annual rent but may also enjoy periods of abatement if contractual obligations are met.
As of this writing, fixed payments are scheduled to begin on Aug. 1, 2014, for the first four floors of space the company is renting. Payments for the final two floors could kick in as late as January 1, 2017.
Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team and the Motley Fool Supernova Odyssey I mission. He didn't own shares in any of the stocks mentioned in this article at the time of publication. Check out Tim's Web home and portfolio holdings, or connect with him on Google+, Tumblr, or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.
The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.