UNIVERSAL MUSIC GROUP TO RELOCATE NEW YORK OFFICES TO THE PENN DISTRICT

World leader in music-based entertainment lands new space for Eastern U.S. operations of iconic labels, businesses

New offices will feature state-of-the-art production facilities, retail space and premium digital signage in heart of Manhattan

Penn 2, NYC. Photo: Vornado Realty Trust

NEW YORK, MAY 20, 2025– Universal Music Group (UMG), the world leader in music-based entertainment, today announced that it has leased new office space at PENN 2, Vornado Realty Trust’s (NYSE:VNO) recently completed office tower along Seventh Avenue in the heart of THE PENN DISTRICT. The building will serve as the headquarters of iconic labels Def Jam Recordings, Island Records, Mercury Records and Republic Records (all part of the REPUBLIC COLLECTIVE), Bravado, UMG’s industry-leading merchandise company, and Verve Label Group (including Verve, Impulse! and Decca Records US). The building will also serve as the East Coast offices for leading global music publisher Universal Music Publishing Group as well as several UMG corporate functions.

As part of a 22-year lease, UMG will occupy the entire fourth through seventh floors of PENN 2. UMG will also occupy a ground-floor space along Seventh Avenue for a future premium retail experience dedicated to serving music superfans in the heart of Manhattan and a private lobby on 33rd Street, which will feature a visitor center and direct elevator access to its floors. In addition, UMG will have the ability to showcase its artists on large scale LED signage within THE PENN DISTRICT.

The new headquarters will be located within The Bustle, a 430-foot-wide expanse of office space stretching from 31st to 33rd Street on Seventh Avenue. A dramatic centerpiece of the PENN 2 redevelopment, it includes 88,000 square feet of double-height, 23-foot-high, column-free office space where UMG will build its New York offices and state-of-the art studio production facilities complemented by exclusive access to more than 3,500 square feet of landscaped outdoor space.

The new production facilities will bolster UMG’s global network of the world’s leading recording studios that already includes the iconic Abbey Road Studios in London, Capitol Studios in LA and East Iris Studios in Nashville.

Boyd Muir, UMG’s Chief Operating Officer said, “UMG’s relocation of its New York offices to the new PENN 2 Tower reflects our vision and ambition. Located in the heart of Midtown Manhattan and literally adjacent to Madison Square Garden, one of music’s most storied venues where so many of our artists perform to a packed house, PENN 2 will serve as an ideal nexus for our employees, artists and songwriters. Beyond office space, PENN 2 will house music studios and retail spaces, featuring a range of artist merchandise and exclusive products. We look forward to working with the team at Vornado as we work towards a 2027 move in date.”

Glen Weiss, Executive Vice President, Office Leasing & Co-Head of Real Estate of Vornado Realty Trust, commented: “We are delighted to welcome Universal Music Group to THE PENN DISTRICT, which has firmly established itself as the epicenter of Manhattan’s new West Side. Universal Music’s commitment to PENN 2 is further evidence of the district’s appeal to the world’s most iconic brands in business, lifestyle and entertainment.”

As part of its recently completed $750-million redevelopment of PENN 2, Vornado installed a highly efficient modern glass curtain wall; a striking triple-height lobby; 16 distinctive double-height outdoor tenant loggias; and The Bustle. PENN 2 will incorporate 30,000 square feet of curated retail, including the Dynamo Room, a 7,100 square foot full-service restaurant and bar from Sunday Hospitality. The building also features 72,000 square feet of outdoor green spaces; The Perch, a rooftop glass pavilion and event space that opens onto a lushly landscaped 17,000-square- foot private green space available to all tenants; and a 280-seat Town Hall suspended above Plaza33. PENN 2 is also the headquarters location for Madison Square Garden and Major League Soccer.

THE PENN DISTRICT campus is situated directly above North America’s most accessible and active mass transit hub. A total of 15 subway lines, along with Long Island Railroad, New Jersey Transit, PATH, Amtrak all converge in the district. They will be joined by Metro-North commuters starting in 2027.

Additional information on PENN 2 and images can be found at www.vno.com/penn2.

About Universal Music Group

Universal Music Group exists to shape culture through the power of artistry. UMG is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content. Featuring the most comprehensive catalogue of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. For more information, visit www.universalmusic.com.