Fintech startup Vestwell is moving to Heskel Group’s 215 West 40th Street in the Garment District.
Vestwell, which aims to modernize the 401(k) and 403(b) employment benefit process, signed a five-year, 3,100 s/f lease. The company, which recently raised $4.5 million in seed funding, will relocate to the building’s 9th floor. Previously, the firm operated out of a WeWork location in the Financial District.
“As an early-stage company, this space gives us the flexibility to grow from 18-30 over the next stage of our company’s lifecycle, with a custom layout into the well-lit area. We’ll have the modern look & feel that aligns with our company offering,” Vestwell said in a statement to REW.
The 14-story tower is also known as the Denim Building, according to a previous report from the Commercial Observer. Heskel Group bought the property for $52.5 million in August of last year. The previous owner was reportedly Elyahu Cohen, the founder of curtain manufacturer Regal Home Collections.
The building’s ground-floor retail currently houses Southern cuisine restaurant Printers Alley. Asking rent was at $50 per s/f, according to Vestwell.
Matt Held from office space listing and brokerage service SquareFoot represented the tenant. Meanwhile, Ronnie Zimmerman and Andy Udis from ABS Partners represented the landlord.