Music publishing company Kobalt Music Group has opted to maintain a presence in the Meatpacking District by renewing its lease at 2 Gansevoort St.
This decision comes after Kobalt previously subleased all of its office space in the nine-story building. According to an anonymous source familiar with the deal, Kobalt signed a new, 10-year lease for a smaller footprint of 10,000 square feet. The asking rent for this space was $115 per square foot.
In 2017, Kobalt initially committed to a more expansive workspace at 2 Gansevoort by signing a lease for the entire sixth floor, totaling 23,000 square feet. However, Kobalt subsequently decided to sublease the entire space to music streaming service SoundCloud last year.
The lease agreement for Kobalt was brokered by Scott Bogetti and Kirill Azovtsev of Savills. Representing the landlord — formerly known as the William Kaufman Organization — was Sage’s Michael Lenchner, who negotiated the deal in-house.
“We are thrilled that Kobalt Music Group is expanding and has extended their lease at 2 Gansevoort Street,” Lenchner said. “We are also excited to share that they are the first to move into a new office product offering of Sage’s, which will be launching soon. All office suites on the floor will be brand new construction, fully furnished, wired and move-in ready.”
Originally built in 1912, the 200,000-square-foot, fully modernized building is also home to fashion house Theory Holdings; life sciences company Fortress Biotech; and health care firm Rightway.
Founded in 2000, Kobalt is a tech-driven music publisher with a global reach, operating offices in Los Angeles and London, in addition to New York City. Its impressive roster of artists includes renowned names like Phoebe Bridgers, The Lumineers, Paul McCartney and Stevie Nicks. The company also recently announced the acquisition of additional financing to boost its funding capabilities to a staggering $1 billion.
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