The artificial intelligence-based wealth management platform Vise is relocating its premises from SoHo to 50 Ninth Avenue in the Meatpacking District. This move will quadruple the company's office space to 11,949 sq ft. The new area spans the entire second floor of several historic townhouses along Ninth Avenue and features pointed ceilings over 20 feet high, as well as an outdoor atrium garden.
Rob Kluge and Brandon Charnas of Current Real Estate Advisors represented the tenant in the 10-year lease. The building owner, Tavros Capital, was represented by Howard Hersch, Greg Conen, Jennifer Schreiber, and Natalie Serio of Newmark. Tavros Capital will undertake the fit-out of the space. The last advertised rent was $150 per square foot.
Expansion and Strategic Location Choice
Vise, an AI-driven wealth management platform for independent advisors founded by Samir Vasavada and Runik Mehrotra and launched in November 2019, currently manages over $100 billion in assets. The company's valuation is estimated at over $22 billion. Previously, Vise occupied 4,000 sq ft of office space at 521 Broadway in SoHo.
When searching for new premises, Vise placed particular emphasis on upgrading the office environment and corporate culture. Brandon Charnas stated that they worked with the landlord on a creative solution. In this scenario, the ground-floor retailer, Jen Rubio's fashion company – now known as Elsa – which was negotiating its contract at the time, agreed to expand upstairs and occupy an additional 4,000 to 5,000 sq ft on the West 14th Street side of the floor. This made it possible to create a space for Vise that met both its requirements and budget.
Rob Kluge added that they had reviewed several designs with the landlord and architect to transform the originally larger floor into a long-term suitable home for Vise. The resulting space predominantly overlooks Ninth Avenue and is directly opposite the Apple Store. It features distinctive vaulted ceilings, abundant natural light, and will be fitted out specifically to Vise's needs and specifications. The premises are located above the new Delilah Club and opposite the planned Annabel’s members' club. Brandon Charnas emphasised that Vise is establishing its headquarters in an excellent location in the Meatpacking District.
