Because there’s no money in recordings anymore, right?
Not if you’re Spotify, where outrageous investment leverage and spiraling losses mean lots of plush office space. According to details now confirmed by Crain’s New York Business, Spotify is now adding a whopping 50,000 square feet to its already-75,000 square foot penthouse office complex in midtown Manhattan.
At roughly $75 per square foot, that brings the rent to around $9.4 million annually.
Spotify first secured the plush digs in the summer of 2012, but that was before a massive, $250 million investment injection. Now, with expenses spiraling on unlimited free accounts and slowing paid subscriptions, Spotify has nearly doubled that commitment – and space – overnight. The pricey workspace offers panoramic views of the entire greater New York area, including a look at more the budget-conscious little people in New Jersey.
The expanded thinkspace adds to worldwide offices in Brussels, London, Stockholm, Paris, Madrid, Oslo, Amsterdam, Helsinki, East Melbourne, Berlin, and Copenhagen.
Here are just some of the details of this ‘amenity packed’ high-end space, from real estate firm RXR.
Magnificent cast iron façade with dramatic arched entranceways, constructed in 1896.
Over-sized windows offering abundant light and air.
Soaring 17’ ceiling heights.
Central lobby for office tenants clad in travertine marble with sophisticated dark wood and quartz stone concierge desk with 24-hour attendant.
Enhanced security with technologically advanced turnstiles.
A view that looks like this…
(All images from the RXR realty listing page; second image from Google Maps.)