Music Label Phase One Network Takes 15K SF in Midtown
Phase One Network is moving to Midtown.
The music management company signed a 21-year lease for 14,613 square feet at 25 West 39th Street, between Avenue of the Americas and Seventh Avenue, one block south of Bryant Park, according to information from landlord Thor Equities. Phase One will occupy the entire 13th floor of the 16-story property, formerly the Engineering Societies’ Building.
John Ryan and Arthur Mirante of Avison Young represented Thor in the transaction, while Benjamin Mohr and Jack Molloy of Byrnam Wood handled it for the tenant. Thor declined to provide asking rents.
Phase One is moving from its current offices at 424 West 33rd Street on the Far West Side and will take possession of the new location in May.
Female-focused coworking company The Wing also leased space at the property in 2019, but Thor sued them last year for $270,000 unpaid rent. The Wing denied the claims, but the case has not progressed further, according to court records. The Wing remains a tenant at the property, a spokesperson for Thor confirmed.
All locations of The Wing have been closed since the start of the pandemic, but it plans to reopen them this spring, according to their website. The coworking company recently received a lifeline when flex workspace operator IWG bought a majority stake in it.
The Wing did not respond to a request for comment.