NEW YORK CITY-EMI Group has sublet 18,044 square feet of its office space at 150 Fifth Ave. to TechMediaNetwork, an online publisher.
EMI Group was taken over by Citigroup earlier this year. The company announced last month that it had “initiated a process to explore and evaluate potential strategic alternatives, including a possible sale, recapitalisation or initial public offering.” Recent reports indicate that Citgroup intends to put the music company up for sale.
The sublease of the Fifth Avenue space was handled by Jones Lang LaSalle on behalf of the tenant. Robert Gallucci, a senior director at Cushman & Wakefield, represented EMI, and declined to comment to GlobeSt.com about the deal.
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