VTS, the leasing and asset management platform has announced another vertical launch, with Starwood among the first wave of shopping centre owners to sign. There will also be a retail board to advise VTS on the product’s direction.
The New York-headquartered software company, founded in 2012 and which raised $90m last year, claims its new service line will be the only dedicated software specifically built for the retail sector – “solving major issues retail landlords have in their leasing process.”
VTS added: “Unlike any existing offering for retail landlords, VTS Retail transforms the leasing process by enabling retail landlords to significantly reduce the time from prospect to tenant move-in and proactively manage shopping centre strategy and risk.”
Kevin Halleran, chief accounting officer of Starwood Retail Partners, said: “The retail commercial landlord sector has been waiting for a solution like VTS Retail. As a leader, Starwood’s needs are complex and VTS has come to market with an amazing leasing and asset management solution. We’re excited to deploy it across our portfolio.”
VTS also announced the formation of a Retail Advisory Board comprised of leaders from top retail landlords and clients including Brookfield Properties, Shopcore, and Oxford Properties Group.
- Impress top tenants and reduce the time from prospect to store opening
- Market to tenants with VTS’ marketing module, PropertyCapsule by VTS
- Eliminate the friction that derails deals
- De-risk tenants’ move-in to ensure stores open on time
- Proactively manage the leasing strategy and tenant risk for a retail portfolio
- Nick Romito, CEO and co-founder of VTS, said: “I’m incredibly excited to announce VTS Retail. Our team spent hundreds of hours with retail landlords to understand the most painful challenges they experience throughout the leasing process. With VTS Retail, retail landlords will finally have the modern technology they need to power their businesses.”
VTS Retail advisory board
- Mario Barrafato, CFO, Choice Properties
- Tim Collier, EVP, Leasing, RPT Realty
- Meredith Darnall, SVP, Business Intelligence & Strategy, Brookfield Properties
- Kevin Halleran, Chief Accounting Officer, Starwood Retail Partners
- Bradley Jones, Head of Retail, Oxford Properties Group
- Kevin Kessinger, EVP, Asset Management, Shopcore
- Stephanie McGowan, Principal, Blackstone
- Zachary Pomerantz, Head of Asset Management, AR Global
- Adam Rabin, VP, Retail Leasing, CIM Group
- Mary Rottler, EVP, Leasing & Operations, Seritage Growth Properties
- John Sarokhan, Executive Director, PGIM Real Estate
- Wright Sigmund, SVP & Senior Director, Leasing, First Washington Realty, Inc.
VTS already worked in offices and industrial and is used to manage 10bn sq ft of space around the world. The firm claims its platform speeds up lead conversions into leases by an average of around 40%.
VTS’ platform has a user base exceeding 35,000 and boasts a client roster that includes European leaders such as Landsec, The Crown Estate, British Land, Blackstone, JLL, CBRE, and Knight Frank. One in every three square feet of office space in Central London is managed on VTS.