VTS is getting ready to launch a business that would cut brokers out of some commercial real estate deals.
The startup tech firm is planning to launch the platform early next year, and it will focus on letting landlords and tenants negotiate directly with each other on relatively small and simple commercial deals for less than 5,000 square feet, according to the Wall Street Journal. The system will work for larger deals as well, but those will likely still involve brokers.
The five-year old tech firm and has created software to help landlords keep track of leasing deals throughout the entire process. It has information on roughly 9 billion square feet of office space in the top 20 U.S. markets, which will serve as the foundation for their new platform.
VTS merged with its rival Hightower in 2016 and has raised $106 million from Blackstone and other venture capital firms. Co-founder Brandon Weber told The Real Deal earlier this fall that he would step back from his day job at the company but continue to sit on its board and work as an adviser to CEO Nick Romito. [WSJ] – Eddie SmallRecommend0 recommendationsPublished in