With $2M in State Tax Credits, VTS Heads to Bryant Park Area
VTS is continuing to grow. After upgrading to 7,400-square-foot digs on West 36th Street in late-2014, the leasing and asset management platform is moving, again, Commercial Observer has learned.
VTS, formerly called View the Space, has signed a five-and-a-half-year lease for 15,769 square feet of prebuilt space at Equity Office’s 114 West 41st Street between Broadway and Avenue of the Americas, according to a press release from Equity Office and VTS provided to CO. The company will occupy the entire 11th floor of the 22-story commercial tower. Asking rents in this area of the 353,0000-square-foot building are in the mid-$70s per square foot.
The lease was signed at the end of last month and VTS will make the move on March 1 from 142 West 36th Street between Avenue of the Americas and Seventh Avenue.
VTS received $2 million in state tax credits from Empire State Development to keep its global headquarters in New York. The credits are tied directly to the company’s projected job creation over the next five years.
“Being a stone’s throw from Bryant Park in the most creative space in Midtown is a dream for our team,” Ryan Masiello, the chief revenue officer and a co-founder of VTS, said in the press release. “Equity Office did a fantastic job on the layout, design and buildout.” On the short length of the lease: “The five-year term offers a nice balance for us as our business takes on this next phase of growth.”
Scott Klau, Erik Harris, Ben Shapiro and Zach Weil of Newmark Grubb Knight Frank represented Equity Office along with the landlord’s in-house brokers, Zachary Freeman and Scott Silverstein. Jim Wenk and Patrick Heeg of JLL represented VTS. Mr. Wenk declined to comment.
“Our repositioning of this building is resonating strongly with growing companies like VTS who value not only cutting-edge office space and tenant amenities, but also close proximity to everything from hip restaurants to specialty fitness and year-round offerings in Bryant Park,” Mr. Freeman said in prepared remarks.