Magus Entertainment Comes to Soho
Magus Entertainment, a music management and representation firm, has signed a 3-year deal to take a full floor at 40 Wooster Street.
The firm has moved out of its old offices at 158 West 23rd Street and into a 2,250 square feet in the 6-story SoHo office building.
Amy Murawski of ABS Partners represented Magus Entertainment in the lease deal. Kim Skarvelis and Beth Chase of Cast Iron Real Estate Co. represented the Chait family, the owners of 40 Wooster Street.
Asking rents for the third-floor space are $43-a-square-foot. Magus Entertainment has an option to extend their lease for two years at the end of its three-year lease.
The owners of 40 Wooster Street was looking to bring in a “low traffic” kind of tenant that would fit into the open-space layout of the building’s third-floor.
40 interested types of tenants expressed interest in the third-floor space, said Ms. Skarvelis.
“We had various fashion tenants, media-related businesses– there was no shortage of people looking for 2,250 square feet of space in Soho,” she added. “The owner really didn’t want a lot of traffic,” Ms. Skarvelis said, adding that the building has one elevator.
Magus was founded by music industry veteran Wendy Laister, who counts Duran Duran and Daniel Beddingfield among her list of clients. The firm, which has a staff of eight people, will have an open-space office with three exposures and one separate area for executive offices or a conference room.
In a statement, Ms. Laister said that the firm found the new space to be “inspiring.”
“The well-established, eclectic, artistic neighborhood and convenient location near major subway lines were also important to us,” Ms. Laister said in a statement.
Ms. Laister and her firm had previously been in an commercial office condo at 158 West 23rd Street that she sold for an undisclosed amount prior to moving to SoHo.
Magus had been actively looking in the Downtown market because of its convenience to the work staff, said Ms. Murawski. Magus fell in love with the space and closed a deal to move to 40 Wooster on May 10th.
“The office has an open, collaborative feel, and it made it very easy for us to come in and take that space,” said Ms. Murawski.