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Will Machines Replace Brokers? Big Property Owners Back Startup Firm Looking to Automate Lease Deals

Major Landlords Invest $90 Million in Commercial Property Technology Firm VTS
VTS, with headquarters at 114 W. 41st St. in Manhattan, above, has raised $190 million in venture capital to date. Photo: CoStar
VTS, with headquarters at 114 W. 41st St. in Manhattan, above, has raised $190 million in venture capital to date. Photo: CoStar
CoStar News
May 14, 2019 | 10:22 P.M.

Property technology startup VTS, preparing to launch an online marketplace that would automate some lease transactions between tenants and building owners without involving real estate brokers, just received a major capital infusion that catapults it into a select group of commercial real estate software companies valued at $1 billion or more. And that’s left some executives in the brokerage industry nervous.

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