Phaidon Takes 71K SF at SL Green’s 711 Third Avenue
Phaidon will relocate from 622 Third Avenue to take up part of the second floor and the entire third floor of the 20-story 711 Third in a long-term sublease, according to subtenant broker Cushman & Wakefield (CWK).
“This move is the next step of an exceptional eight years of growth in New York for Phaidon and this new home will allow us to hire and develop 200 additional staff in the coming years, taking our New York business to 500 people in total,” Harry Youtan, CEO of Phaidon, said in a statement.
Washington, D.C.-based Stagwell was represented by JLL (JLL)‘s Kip Orban, Kristen Morgan, Carlee Palmer, Michael Berg, Brad Lane and Clark Finney. C&W’s David Mainthow brokered the deal for Phaidon. Asking rents and the length of the lease were not immediately available from the brokers involved.
JLL and SL Green did not immediately respond to a request for comment.
Phaidon is expanding from its 32,000-square-foot footprint at 622 Third with its new digs’ proximity to Grand Central Terminal playing a role in the decision to take this particular space, according to Mainthow.
“Phaidon is rapidly expanding and needed a best-in-class office space that reflected the agency’s strong culture and allowed for its continued growth,” Mainthow said in a statement. “This space was delivered in move-in ready condition, resulting in little upfront capital investment and construction time, which offered a great solution for Phaidon’s thriving business.”
UPDATE: This story has been updated to correct the names of the JLL brokers.
Mark Hallum can be reached at email@example.com.