Here is the rephrased text:
The Vienna Philharmonic, an esteemed orchestra renowned for its exceptional musicianship, was established in the year 1842, and is widely regarded as one of the most illustrious ensembles in the world.
This illustrious orchestra is headquartered at the esteemed Musikverein in the vibrant city of Vienna, Austria, and its membership is carefully curated from the talented pool of musicians who perform with the Vienna State Opera.
