NY Governor Andrew Cuomo 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.
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.
“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.”
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.”
VTS is a 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.