Newmark announces expansion plans for Denver-based Evolve Vacation Rental Network. Newmark Managing Director Andrew Blaustein represented the fast-growing vacation rental management company in the lease transaction for 38,000 square feet at 717 17th Street. The new Denver City Center location will more than double Evolve’s office space in anticipation of employee growth to meet increased business demands.
Evolve recently completed a successful $11 million funding round led by funds and accounts advised by T. Rowe Price Associates, Inc. This round brings the company’s total funding to $23 million.
“Raising more than $10 million in one round is a benchmark achieved by only a handful of Denver-based startups each year,” noted Blaustein. “Combined with the caliber of the investors involved, this funding marks a significant success for Evolve and is an indication of Colorado’s expanding and maturing technology ecosystem.”
Founded in 2011 by Brian Egan and Adam Sherry, Evolve’s original headquarters were located in somewhat less spacious surroundings than their new location at Denver City Center: the co-founders originally operated out of Sherry’s basement. However, the duo had a vision for redefining vacation rental management by offering homeowners better performance, lower fees and unrivaled flexibility, and over the last six years Evolve has developed into a game-changer for the short-term rental industry.
“We couldn’t have achieved this level of success without our team,” says Egan, Co-Founder & CEO of Evolve. “We wanted to give our people the best workspace possible, and we knew we couldn’t compromise on location. Being in the center of Denver gives our employees accessibility, amenities, and the ability to participate in a thriving downtown community, and we think it’s essential to their quality of life.”
Evolve currently services more than 4,000 vacation rental properties in over 500 markets across North America, and is growing at triple-digit rates year-over-year. To keep up with the popularity of its service, the company is now investing in a new headquarters to house its expanding employee base.
“Evolve Vacation Rental Network’s selection of the center city to support its growth showcases Downtown Denver’s brand as one of the best places in the country to start and grow a business due to our strong culture of innovation, in-demand workforce and access to high quality amenities,” stated Tami Door, president and CEO, Downtown Denver Partnership. “We look forward to Evolve’s continued growth in Downtown Denver.”
Evolve will consolidate from two locations and expand into Denver City Center in August, added Blaustein. “The new footprint offers Evolve the flexibility to scale up, while delivering on highly amenitized space for employees, with immediate access to mass transit - essentially leveraging the quintessential Downtown Denver experience.”
With 160 current employees and plans to hire an additional 100 in the coming year, Egan and Sherry expect that their new headquarters will be an excellent foundation for growth. “The new location gives us the opportunity to design a space that creates seamless communication and collaboration across all of our teams,” says Sherry, Co-Founder & Chief Customer Officer of Evolve. “Investing in our team’s creativity and talent has been a huge key to our growth thus far. When we invest in creating a great employee life style for them, they pay that investment back tenfold in the experience they deliver to our customers.”
About Evolve Vacation Rental Network
Based in Denver, Colorado, Evolve Vacation Rental Network is a next-generation vacation rental management company that provides homeowners with more rental income and unrivaled flexibility for a fee of 10% per booking - the lowest cost in the industry. The company currently services more than 4,000 vacation rental properties in over 500 markets across North America. For more information, visit EvolveVacationRental.com or call 877-818-1014.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.