Property technology leader to acquire property operations and tenant experience company in significant investment to ensure landlords and occupants have the best technology to operate as efficiently as possible during COVID-19 and beyond
NEW YORK — March 9, 2021 – VTS, the commercial real estate industry’s leading leasing, marketing, and asset management technology platform, today announced it has entered into an agreement to acquire Rise Buildings, the property operations and tenant experience technology company used by top landlords including Blackstone, Hines, and CIM Group. The acquisition will broaden VTS’ existing market-leading offerings for landlords and is the next step in VTS’ continuing effort to ensure landlords have the best-in-class technology they need to operate as efficiently as possible and create the best environment for tenants during the COVID-19 recovery and beyond.
“In acquiring Rise, VTS expects to continue to expand and strengthen the value our customers already receive from our platform with new capabilities that will be more critical than ever as landlords focus on renewing existing tenants and reducing vacancies in the coming months,” said Nick Romito, CEO, VTS. “By integrating Rise into the VTS offering, our aim is to redefine the category of tenant experience and provide landlords with a full-service platform that continues the journey of digitizing the entire asset experience. After an extensive evaluation, we believe Rise has the right approach, technology, and team; our landlord customers agreed and welcomed the decision.”
Rise’s technology is used by landlords across the United States and globally to manage property operations and deliver a superior property experience for tenants and occupants as well as property management. Rise’s approach to engaging occupants is unique – by integrating tenant experience and property operations, Rise is believed to have achieved best-in-class occupant engagement across Rise-enabled buildings. Rise solutions include access and visitor management, health and safety, property operations, and tenant experience. Rise integrates directly with in-place property management, access control, and sensor systems, as well as amenities and elevators.
As part of the acquisition, Prasan Kale, CEO and co-founder of Rise Buildings, will join the VTS team in the newly created position of Managing Director, where he will oversee the strategic direction of Rise within VTS. Rise customers will benefit from expanded support and R&D investment to deliver even more capabilities. VTS expects to integrate Rise into the VTS platform at a future date, enabling VTS customers to manage their portfolio-wide leasing, tenant engagement, and building management activities from a unified platform. This should allow landlords to understand their portfolios and tenants at a level that’s never been possible before, provide COVID-compliant visitor and employee access, and best position them to renew existing tenants and sign leases in a challenging market.
“We’ve long admired Nick and the VTS team, particularly for the way they’ve modernized our industry’s approach to leasing and asset management,” said Mr. Kale. “Joining forces with VTS will give us the ability to accelerate the delivery of the best-in-class technology offerings landlords need now more than ever to emerge from COVID-19 unscathed. This combination positions us for future growth, and ensures tenants have the information and capabilities to return to work safely.”
“The combination of Rise and VTS is a big win for landlords,” said Michael Newman, President and CEO of Golub & Company. “As a landlord familiar with both companies, I believe this acquisition will be instrumental in giving the industry enhanced portfolio insights that will help us connect with tenants and occupants in more meaningful ways. With VTS and Rise together, we will improve the property experience for everyone and get ahead of executing renewals and new leasing opportunities in a particularly challenging market.”
For more information on Rise Buildings, visit www.risebuildings.com. For more information on VTS, visit vts.com
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VTS is commercial real estate’s leading leasing, marketing and asset management platform where the industry comes to make deals happen and real-time data comes to life. The VTS Platform captures the largest first-party data source in the industry, which delivers real-time insights that fuel faster, more informed decision making and connections throughout the deal and asset lifecycle. VTS Data, the industry’s only forward-looking market dataset, and VTS Market and Marketplace, the industry’s first integrated online marketing solution, give landlords, brokers, and tenants unparalleled visibility into real-time market information and the direct connectivity to execute deals with greater speed and intelligence at every point in the planning, marketing, leasing, and asset management cycle.
More than 60% of Class A office space in the US and 12B square feet of office, retail, and industrial real estate globally is managed on the VTS platform. VTS’ user base includes over 45,000 CRE professionals including respected industry leaders like Blackstone, Brookfield Properties, LaSalle Investment Management, Hines, Boston Properties, Oxford Properties, JLL, and CBRE. To learn more about VTS, and to see our open roles, visit vts.com.