Venture capital firms eye NYC office space

More and more venture capital firms are interested in New York City real estate, but the space they’re seeking is on the small side. GlobeSt.com reported that the second quarter of 2011 saw $624 million in venture capital funding in the New York metro area, an increase of $154 million from a year ago. Most of the firms are, at first, likely only opening up a few offices for a small number of partners, said Emily Mendell, a spokesperson for the National Venture Capital Association. One of the more recent additions is New Enterprise Associates, which announced that it was opening a New York City location to serve its growing portfolio here. It funds a number of companies in the city, including Gilt Groupe. Brendan McGee, the New York City regional manager for TechSpace, which offers office and administrative services, said he has seen increasing demand from venture capital clients. Popular areas include Chelsea, the West Village and Union Square. [GlobeSt]