Blackstone Group LP’s real estate group has invested $3.3 million in three year old commercial real estate asset management and leasing platform startup View The Space, which provides landlords and brokers ways to track such data as tenants, rents, leases and deals in the pipeline.
The two companies stated that the partnership will provide VTS with ongoing support and expertise from Blackstone’s Real Estate and Innovations teams, and Blackstone intends to migrate its office assets onto the VTS platform, further solidifying the company’s position as the market standard for tracking real-time leasing data and portfolio performance.
“The commercial real estate industry has long relied on static information, ” said Jacob Werner, Managing Director at Blackstone. “VTS has been the driving force behind the industry’s much needed shift towards real-time data and has quickly become the clear leader in the marketplace. We are excited to partner with the team at VTS to grow the business and accelerate the shift toward a single industry-standard.”
“What excited us most about the partnership was the shared vision both our firms had to create a single industry-leading platform. With a real estate and technical bench as deep as Blackstone’s there’s no end to what we’ll be able to create together, ” said Nick Romito, Co-Founder and CEO of VTS.
“Truly innovating requires technical and product drive and a deep knowledge of the industry and problem set. We carefully surveyed the marketplace and this is where VTS really stands out. As owners and customers, we look forward to bringing Blackstone technology and real estate knowledge to VTS, ” said Bill Murphy, Blackstone’s Chief Technology Officer.
Headquartered in New York City, VTS has grown from 15 to 47 employees across 5 major markets in less than 12 months with customer growth tracking over 700%. VTS attributes much of their success to working closely with the real estate community to build a platform catering to the industry’s specific needs.
“Our plan is to expand aggressively over the next 12 months and invest heavily in both product and people. We’ve been able to assemble an amazing team across all facets of the organization so expanding upon the existing talent pool will be key to our continued success. The focus will be on growing a strong local presence across all major U.S. markets and expanding into key international markets, ” said Ryan Masiello, Co-Founder and Chief Revenue Officer.