VTS Launches Office Portal in New York

June 23, 2020
Share this Post: 

New York based Commercial real estate marketing company VTS has taken the plunge and launched its much-heralded VTS Marketplace as a platform for finding office space. The company raised $90 million for the purpose back in 2019 in a round participated in by investors such as Brookfield Asset Management and GLP which valued the company at $1 billion. 

New York is the only major US city not to have an integrated MLS. As we reported yesterday, the city is home to a battle that is set to heat up between players in the residential space and the market's idiosyncratic nature has meant that until now many commercial deals have been done informally over lunch with little digital penetration. Brokerages have welcomed the launch, with Peter Riguardi, Chairman and President, New York Tri-State Region, JLL commenting that:

“The brokerage community has been craving a new channel to consume information and digital content on the market and spaces for a long time.”

The new platform will initially only be open to brokerages and not to individuals or companies looking to move office as according to VTS CEO Nick Romito “Brokers control 90 percent of the demand in the market”. The platform will contain information around lease terms, notable tenants, local data and amenities as well as virtual tours and a maximum number of people allowed in each room. 

Read more

June 23, 2020
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Dutch Houses Netherlands
Mediahuis Shuts Dutch Portal Jaap Citing Fierce Competition

The Dutch real estate portal Jaap quietly shut down earlier this year after seeing its profits evaporate in the face...

Read More
Costar Vs Zillow Cowboys
CoStar's Homes.com May Not Need to Win Traffic Game to Out-Earn Zillow

It might be growing fast (and shouting about it) but CoStar-owned US  challenger real estate portal Homes.com is still a...

Read More
Untitled Design 10 1
Schibsted Successfully Detaches Media Business, Leaving Standalone Marketplaces Segment

The Norwegian media and marketplace operator Schibsted has had a busy month, with transactions worth approximately NOK 50 billion ($4.7...

Read More
Idealista Cinven
Private Equity Firm Cinven Takes the Lead in €3Bn Idealista Tug-Of-War

London-based, private equity firm Cinven has reportedly signed an exclusivity agreement to acquire Idealista for an estimated €3 billion. The...

Read More

Editor's Pick