According to a story on NorthJersey.com, the New Jersey Economic Development Authority accepted a grant to Sony Music to bring the company from Manhattan to Rutherford, New Jersey. Tucked away in the article is a note that if Sony takes the offer, it might also move its staff from a Lyndhurst, New Jersey location at the same time.
Sony is currently the lead tenant at 210 Clay Avenue in Lyndhurst, where it occupies over 80% of the 121,203 square-foot office with a lease that ends in December. That property backs a $14.8 million loan that represents 1.07% of WBCMT 2006-C26. The loan is current but it is on watchlist as a result of the lease expiration and low DSCR. The note matures in May 2016.
A Sony spokesperson stated it was unclear when a move might take place.
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