NEW YORK CITY—Real estate technology platform company VTS has doubled the size of its corporate headquarters at Equity Office Properties' 114 W. 41st St. office building here.
The firm has signed a lease expansion and extension for 31,700 square feet at the 22-story office tower near Bryant Park in Midtown Manhattan. VTS, previous to the new deal, occupied 15,769 square feet taking up the entire 11th floor since April 2016. Under the lease expansion, the company's footprint will grow to encompass all of the 15,931 square-foot 10th floor. VTS also signed a lease extension at the 352,000-square-foot building with Equity Office Properties through 2024.
Equity Office recently completed a building-wide renovation at the building that included a reimagined double-height entrance lobby with access from both West 40th and West 41st streets and “The Vault,” a tenant amenity center connecting the two lobbies.
“The progressive design, stylish amenity space, and collaborative environment that we have created through the repositioning of 114 West 41st proved to be the perfect fit for a cutting-edge tech company like VTS,” states leasing manager Scott Silverstein of Equity Office. “We are pleased that we could accommodate the company's impressive growth.”
Founded in 2012, VTS merged with Hightower in November 2016. The combined real estate platform firm now has more than 200 employees and boasts in excess of 5.5 billion square feet under management.
“Following the merger of VTS and Hightower, we prioritized bringing both teams together under one roof, allowing us to collaboratively tackle our ambitious goals as one combined team. 114 West 41st provides a vibrant setting for our employees to produce exceptional work in a location that allows us to conveniently serve our clients,” states Ryan Masiello, co-founder and chief revenue officer of VTS.
VTS was represented in the transaction by Jim Wenk of JLL and Patrick Heeg of Transwestern. Equity Office was represented in-house by Zachary Freeman and Silverstein, along with Erik Harris, Scott Klau, Ben Shapiro, and Zach Weil of Newmark Grubb Knight Frank in the transaction.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
