Real estate firm chose New York over New Jersey and will retain 86 jobs
Governor Andrew M. Cuomo today announced that VTS, a global commercial real estate and asset management company, will create 200 jobs in an expanded global headquarters in New York City. The company will also retain all 86 jobs currently in place at its offices in Midtown Manhattan.
“This is another example of how New York State is thriving for businesses and jobs in the competitive global economy,” said Governor Cuomo. “The state is fully committed to helping the private sector thrive in order to create new opportunities for New Yorkers, and we will continue building on the progress of the past five years to create an even stronger business environment. I congratulate VTS on reaching this important milestone, and I look forward to seeing the company grow and succeed in the years to come.”
In addition to serving as the company’s global headquarters, the expanded space will also be home to the bulk of VTS’s engineering talent, with nearly half the new hires working in that field. The move to West 40th Street in Midtown Manhattan will provide VTS with nearly 16,000 square feet of office space, as well as an option to lease additional space in the building in the future.
To encourage VTS to keep its global headquarters in New York and expand here, Empire State Development will provide the company with up to $2 million in Excelsior Jobs Program tax credits. The company will create 200 new jobs over the next five years and retain them through at least 2025, while also retaining all 86 jobs currently located in New York and investing approximately $2.25 million in the new offices. Before deciding to remain in New York, VTS considered relocating to Jersey City, NJ.
Nick Romito, CEO of VTS said, "Seeing the process Empire State Development has put in place to incentivize young companies to grow in New York has been amazing. They made it painless for the entrepreneur, and the end result is an amazing partnership between our company and the state."
Howard Zemsky, President, CEO & Commissioner of ESD said, “With a strong economy and steady job growth, New York is the perfect place for a technology company like VTS to introduce innovation to the commercial real estate industry. The 200 people VTS hires over the next five years will ultimately help drive much needed efficiencies in our commercial real estate market, making the State an even better place to locate a business and helping to create even more jobs.”
Senator Brad Hoylman said, "Technology companies are booming in my Senate district, including Google, Facebook and Twitter. I'm thrilled to see another addition, VTS, which will be bringing 200 new jobs in the tech sector to their global headquarters in Midtown Manhattan. This is a big win for our local economy and I'm grateful to Governor Cuomo and ESD President and CEO Howard Zemsky for helping make this happen."
Assembly Member Richard Gottfried said, “We welcome the expansion of the tech sector in Manhattan, and look forward to the positive impact VTS will have on the community as it grows over the next several years. Under Governor Cuomo’s leadership, we continue to benefit from a thriving and diverse economy, marked by consistent job creation.”
VTS is the leading leasing and asset management platform built to provide real-time portfolio analytics to the top landlords and brokerage firms in the world. VTS has offices throughout the United States and the United Kingdom, and allows brokers and owners to manage deal activity, identify trends and quantify portfolio performance from their desktop or mobile device. With over 2 billion square feet under management, VTS is the driving force behind the industry’s shift towards real-time data and is quickly becoming the marketplace standard. For more information, visit vts.com.
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