Shearman & Sterling represented Warner Music Group Corp., the largest American-owned music conglomerate in the world, in a lease transaction for its new headquarters at the Paramount Plaza Building, located at 1633 Broadway in New York City. The new lease covers approximately 288,000 square feet of office space, with options to lease additional space. The initial lease term commences on January 1, 2014 and expires on July 31, 2029, with an option for Warner to extend the lease for either five or 10 years. The maximum rent payable over the 16 years of the lease is approximately $260 million. The 48-story, two million square foot building, once known as the Uris Building, features a roster of prestigious tenants.

Warner Music Group will be moving out of its current offices, located at New York City’s iconic 75 Rockefeller Center, on July 30, 2014 upon the expiration of its current lease. Shearman & Sterling was retained in June and negotiated the new headquarters lease by the end of September in an unusually quick turnaround given the size and complexity of the transaction.

The New York Real Estate team included counsel Gina Love, associate Matt Stoller and partner Chris Smith.