Music biz takes 10-year lease at the Carnegie Hall Tower

Real Estate Weekly, April 28, 2004

IMG Artists LLC, the leading international performing arts management company, has signed a ten-year lease for the entire fifth floor of 152 W. 57th Street, aka Carnegie Hall Tower.

IMG Artists, a spin-off of IMG, the world's leading sports and lifestyle management company, represents such well-known international musicians as Itzhak Perlman, Joshua Bell, Renee Fleming, James Galway, among a host of many others. CB Richard Ellis' Brad Needleman negotiated the transaction on behalf of IMG Artists, while Newmark's Matthew Leon and William Cohen represented the landlord, Rockrose Development Company. Asking rents in the building range from $40-$90 per square foot.

"Carnegie Hall Tower is a location that makes a statement about the direction in which IMG Artists is headed," said Mr. Needleman. "Its proximity to Carnegie Hall and Lincoln Center is ideal for both the staff and their clients."

Built in 1990, Carnegie Hall Tower is a 535,000 s/f 60-story property, which includes Carnegie Hall.

Other tenants in site include Jerry Seinfeld, USA Networks, Japan Foundation, Kingdom Capital, and attorneys Grubman, Indursky, Schindler, among others.

According to Jeffrey Fuhrman, President and COO of IMG Artists LLC, "We are very excited about our new offices and look forward to our move to the virtual epicenter of the classical musical industry."

IMG Artists plans to move into its new space this June.