Commercial Real Estate Platform VTS Losing Its CTO and COO

CTO Niall Smart and COO Patrick Kehoe resigned from VTS to spend more time with their families

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Commercial real estate platform VTS is losing two members of its C-suite.

Chief Technology Officer Niall Smart and Chief Operating Officer Patrick Kehoe resigned from their posts last week — with plans to leave in September — citing personal reasons, The Real Deal reported.

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“These two people are leaving the VTS team on the best of terms after more than eight years of service with the company,” CEO Nick Romito said in a statement to Commercial Observer. “We’ve been working with them individually for months on their transition and this was not a sudden decision, but a personal choice for them to spend more time with their families during what has been a very trying time.

“We announced their departures together because it felt like a close enough time period that the team could honor them together,” Romito added.

Both Smart and Kehoe are from Ireland and joined VTS after it merged with Hightower in 2016, according to TRD. Romito told TRD that their resignations were not related and didn’t have anything to do with any “underlying reason” related to VTS.

VTS plans to find a replacement for Smart’s CTO position but not for the COO, according to TRD.

The news comes as VTS hired Lexi Russell from CBRE as a regional senior research manager covering the San Francisco Bay Area and Seattle, Commercial Observer reported.

And, in March, VTS made waves when it acquired fellow proptech startup Rise Buildings for somewhere “in the neighborhood of $100 million,” a source previously told CO.

Update: This story has ben updated to include a comment from VTS CEO Nick Romito.

Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.