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Deals & Dealmakers

Fintech startup Vestwell moving to 215 West 40th St. in the Garment District

Fintech startup Vestwell is moving to Heskel Group’s 215 West 40th Street in the Garment District.

Photo via 42Floors
Photo via 42Floors

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.

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