There's No Place Like NoMad

July 24, 2019

Vitech Systems Inks Deal for Additional 10,000 Square Feet in NoMad

In late June, Commercial Observer reported that Vitech Systems Group had signed a lease to occupy the entire fifteenth floor at 432 Park Avenue, expanding its presence in the NoMad neighborhood. The lease gives the growing firm an additional 10,000 square feet of office space in addition to its existing location at 401 Park Avenue South, located just two blocks away. Vitech cited company success as a primary reason for expanding their offices. The company has already begun operations in its new space.

The time of this expansion coincides with a recent deal between CVC Capital Partners and Vitech in which CVC Fund VII and CVC Growth Partners will make a majority investment in the technology company, effectively setting it up for future expansion and growth. That investment should be complete by the end of the summer.

Vitech is a global software technology firm of about 1200 employees that provides cloud-based financial administration solutions for insurance companies, retirement funds, and investment organizations. It is just one of a cluster of technology companies to make its home in NoMad over the past several years. The new lease is an indicator that the firm may be setting its roots deeper into the neighborhood, with no plans to leave anytime soon.