Case Study Verve
Space 21,500 sq ft
Type Mobile Advertising
Location 79 Fifth Avenue
As you would expect from a cutting edge adtech firm with $46m in funding under its belt, Verve was looking towards major expansion when we met them. With an existing office in Union Square, Verve's real estate strategy hinged on finding the right space that would allow them not only to expand, but also to attract and retain top clients and talent.
Vicus quickly laid out a plan to determine key neighborhoods that fit Verve's mission and aesthetic, find spaces in their desired neighborhoods that could be built as high-end tech space with 'wow' factor within their budget, and strategically bridge their immediate space need with finding and building out the right space.
Following market analysis, we determined that the team would concurrently pursue and negotiate 3 locations: Hudson Square, Park Avenue South, and the 5th Ave 'tech corridor'. For each location, we found space and immediately got Verve in the room with each landlord to tell their story. If we're doing our job right, landlords believe in you and want you as much as you want their space.
With floor to ceiling windows and strong natural light, an excellent floor plate, and favorable economics resulting from a landlord who believed in their story, 79 Fifth Ave. was the clear winner for Verve's new space. Vicus connected Verve with a trusted project manager to oversee the build-out; construction began, as did the second half of Vicus' challenge.
Verve was expanding now, and the space would take about a year to build out. That meant we needed what we call swing space; in other words, a short term space agreement where Verve could seamlessly transfer operations until their new home was ready. Knowing a space in their building would be optimal from a moving standpoint, we negotiated with their current landlord for Verve to sit in an existing space in their building for a period of 1 year.
Right on track a year later, Verve moved into their gorgeous new home at 79 Fifth Ave. surrounded by like-minded tech companies, and has since expanded to 6 major US cities.