VTS Expands Manhattan Lease
- Jul 06, 2017
VTS signed a lease expansion and extension with Equity Office, doubling the size of its headquarters at 114 West 41st St. in Midtown Manhattan to 31,700 square feet. Since April, the company occupied 15,769 square feet across the entire 11th floor of the 22-story building, and will take over another 15,931 square feet on the 10th floor, keeping its headquarters location through 2024.
In November 2016, VTS merged with Hightower, bringing owners, investors and brokers together on one platform. The brand now has more than 200 employees and 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,” said Ryan Masiello, co-founder & chief revenue officer of VTS, in prepared remarks.
With a total of 340,208 square feet of space, the asset was originally constructed in 1915 and was completely renovated in 2013. Equity Office made upgrades in the form of a double-height entrance lobby with access from West 40th and West 41st, and the addition of The Vault, a 4,000-square-foot tenant amenity center that features 18-foot ceilings, a billiards room, cafe area and communal pantry with bleacher seating, coffee bar and media lounge.
The company also partnered with Truebrew Outfitters, which offers a barista making free cold brew coffees and matcha teas for tenants three days a week. Other major tenants of the building include Roku, Quartet Health, SpotCo and the additions of Two Forks and Dos Toros. The property also offers 13,000 square feet of retail space.
“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,” said Scott Silverstein of Equity Office, in prepared remarks. “We are pleased that we could accommodate the company’s impressive growth.”
Jim Wenk of JLL and Patrick Heeg of Transwestern represented VTS in the transaction. Silverstein and Zachary Freeman of Equity Office, along with Erik Harris, Scott Klau, Ben Shapiro, and Zach Weil, of Newmark Knight Frank represented Equity Office in the deal.
Image courtesy of Yardi Matrix