114 West 41st Street
Real Estate Technology Leader to Grow to 31,700 Square Feet, Doubling its Space at Amenity-Filled Building Overlooking Bryant Park
Equity Office announced today that it has signed a lease expansion and extension with VTS, which will double the size of the company’s headquarters to 31,700 square feet at 114 West 41st Street, a fully modernized 22-story office tower just steps from Bryant Park in Midtown Manhattan.
VTS, the real estate industry's leading leasing and asset management platform, has occupied 15,769 square feet across the entire 11th floor at 114 West 41st Street since April 2016. Under the lease expansion, the company’s footprint will grow to encompass all of the 15,931 square-foot tenth floor. VTS also signed a lease extension, which will keep its headquarters at 114 West 41st Street through 2024.
“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. “We are pleased that we could accommodate the company’s impressive growth.”
Founded in 2012, VTS is a comprehensive platform that owners and brokers use to increase revenue, improve productivity and reduce risk across their portfolios. In November 2016, VTS merged with Hightower, bringing owners, investors and brokers from around the globe together on one platform. Today, the growing brand has over 200 employees and more than 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 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 Mr. Silverstein, along with Erik Harris, Scott Klau, Ben Shapiro, and Zach Weil of Newmark Knight Frank.
Equity Office recently completed a building-wide renovation at the 22-story, 352,000-square-foot building. Improvements include a reimagined double-height entrance lobby with access from both West 40th and West 41stStreets and “The Vault,” a tenant amenity center connecting the two lobbies. The 4,000-square-foot collaborative space boasts 18-foot ceilings and includes a billiards room, café area, communal pantry with bleacher seating, coffee bar, and media lounge. The Vault also exhibits carefully-selected images of iconic New York figures and a framed set of contemporary Andy Warhol skate decks to enhance the fresh, edgy feel of the space.
Additionally at 114 West 41st Street, Equity Office has partnered with Truebrew Outfitters, a Chicago-based company that curates coffees and tea from around the United States. A free perk offered to tenants by Equity Office, a Truebrew barista is on-hand three days a week pouring a variety of cold brew coffees and matcha teas.
114 West 41st Street boasts a convenient location in the midst of the city’s best restaurants, retail, hotels, fitness centers, and outdoor plazas. Transportation is easily accessible, with Grand Central Terminal, Penn Station, and Port Authority nearby. Notable tenants include Roku, Quartet Health, and SpotCo, as well as the retail additions of Two Forks and Dos Toros.
About Equity Office
With an impressive portfolio encompassing approximately 50 million square feet of Class A office space, Equity Office is one of the largest and most reputable commercial real estate firms in the nation. An affiliate of Blackstone Group, the premier global investment and advisory firm, Equity Office focuses on meeting current trends and strategically addressing the changing needs of companies in superior locations throughout the country. Equity Office boasts five buildings and 2.5 million square feet of office space in NYC including Park Avenue Tower in Midtown Manhattan, a 620,000 square foot commercial building located at 65 East 55th Street, as well as two newly acquired buildings in Greenwich, CT. For more information, visit equityoffice.com.
