Australian Proptech Company Expands New York Operation

Melbourne-based property technology company Equiem has signed a major deal with New York landlord, the $19.7bn Vornado Realty Trust, to install its technology portal in Vornado’s buildings.

The deal with the NYC landlord will see Equiem expand their operation into two of Vornado’s assets in New York City – One Penn Plaza and 90 Park Avenue – with further opportunity to expand into Vornado’s 1.85 million square metres of real estate throughout Manhattan.

Equiem started in 2011 in Melbourne as a small operation with a niche idea to connect the owners of buildings to their tenants. The company has built a platform which develops private internet-connected networks for owners to connect with their occupiers.

Equiem’s portal allows owners to offer their occupiers anything from free gym classes to discounted coffee and movie tickets.

The company now employs 250 people and services more than 4.8 million square metres of real estate across four countries, including the UK.

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The buildings will be expected to foster stronger working communities through Equiem’s signature tenant engagement platform; a technology that will be incorporated to provide news, events, local area information, wellness programs, services, competitions and special offers.

Equiem chief executive Gabrielle McMillan will relocate to New York City to head the US operations.

Equiem’s deal with Vornado follows a recent agreement signed with Adams & Company to bring Equiem to its more than 603,000 square metres of Manhattan real estate.

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McMillan said the overall expansion both in the US, UK and the Australian Pacific regions is being driven by a demand to better utilise the ecosystem of a building to enhance employee satisfaction.

“Companies internationally are investing in their employees’ happiness, health and wellbeing. Building owners are realising everyone in their building is a customer and see great value in being able to offer services to attract and retain high quality tenants,” she said.

“Much of today’s workforce is dominated by millennial professionals, who want to consume what they want at the exact moment they want it – whether it be news, products or services.”

Main image: One Penn Plaza, New York