Case Study: How Vestwell left coworking behind
Vestwell is a platform helping investment advisers evolve their business to suit the changing world of retirement plan investing.
The Challenge: Outgrowing coworking
Like many startups, Vestwell’s office story began in a coworking space. They used to rent a few desks in a WeWork in Manhattan’s Financial District, an experience they enjoyed but ultimately found to be limiting.
Once they reached six people, they needed more room to breathe and grow.
They also found that a certain number of desks, coworking wasn’t the cost-savings it used to be. Why not get their own space?
Once you reach six to eight people, you’re not saving much money on coworking. For roughly the same price, you can find a nice office to call your own, where you can build your company culture and plan for the future.”
-Aaron Schumm, Vestwell CEO
The Solution: Tools and expertise to plan wisely for the future
With SquareFoot, Vestwell was able to go into their office space search with an informed gameplan. Their SquareFoot broker’s market knowledge, coupled with tools like a square footage calculator to estimate how much space they really needed, led them to explore spaces in the Garment District well within their budget.
They found a great space, one below market, and put in an offer….
Only to find out shortly thereafter that the building’s ownership changed.
Would they have to start over at square one?
Going The Extra Mile
Ordinarily, a big change like a new owner suddenly entering in the middle of a deal would be enough to sink most deals.
But SquareFoot isn’t most brokerages. Matt, Vestwell’s broker, used the change as an opportunity to negotiate more financial flexibility for Vestwell. He even acquainted the new building owner with his soon-to-be tenants.
The new owner went so far as to accompany Vestwell on a tour of his other spaces to show them what their office build-out would look like.
The extra care and attention paid off. Vestwell as able to get a brand new custom build-out and some added concessions to help manage their renovations and security deposit.
A rare occurrence in NYC with so many institutional, hands-off landlords.
A Happy Tenant
Vestwell is now settled into a 3,100 SQ FT space, with room to grow, at 215 W 40th Street on a 5-year lease.
“SquareFoot was hands-on throughout our entire search, really listened to what we needed, and got us into the right space at a reasonable price that we wouldn’t have been able to find on our own.”
-Vestwell CEO Aaron Schumm