Today, VTS, a commercial real estate (CRE) leasing, marketing, asset management and tenant experience platform provider, announced signing a 35,914 square-foot lease at Tishman Speyer’s 320 N Sangamon St. in Chicago’s Fulton Market district, according to a press release.
The 13-story mixed use building was recently completed in 2021 and is expected to drive VTS’ plans to grow team size, customer base and investment in the Midwest market. The company acquired property operations and tenant experience company Rise Buildings in March 2021. The company says its plans required expansion from its previous space at nearby 312 N May Ave.
“Having both a fantastic customer base here along with a deep bench of potential talent made the decision to expand our presence in Chicago an easy one. Fulton Market has emerged as one of the hottest submarkets in the country, and we chose to establish ourselves in an innovative locale that employees want to come to,” stated Nick Romito, CEO of VTS, in the release.
The accelerating expansion goals follow a self-described “banner year in 2021” for VTS, with the company saying it saw over $31 billion in leases executed and that it is now used by 19 of the 20 largest global asset managers, according to a press release.
“Over the past year, VTS has more than doubled the size of our team as well as our number of platform capabilities to help our customer base navigate the new world. We’ve created a fully-integrated solution that allows them to manage the entire asset lifecycle in a modern, automated, and data-driven way — from marketing available space to tenant experience,” said Romito.
More than 87,000 office, retail, industrial and multi-family properties are now managed by over 300,000 tenant companies using VTS, making it the most widely-used software in CRE, according to that release.
In addition to Rise, the CRE giant also acquired workplace experience platform Lane in October 2021. It also launched its VTS Market in June 2020 and VTS Office Demand Index (VODI) in December 2020.
VTS also said that it had 26 new landlords adopt its technology in the fourth quarter of 2021 and that it currently holds the largest global customer base for TenEx (with an addressable market of 3 million users across 1,500 buildings).