RXR's Rechler unveils $3.5B NYC office venture with powerful backers
Scott Rechler's RXR is dominating the New York City office market with its latest venture and powerful investors.
Real estate mogul Scott Rechler's RXR has emerged as the top player in the New York City office market, with the unveiling of its latest venture with powerful backers.
RXR, the majority owner of the Gemini Office Venture, has already closed on $3.5 billion worth of transactions in the city, according to Bloomberg. The venture is not done yet and has its sights set on more deals.
The Gemini Office Venture has attracted influential investors such as Baupost Group, King Street Capital Management, Criterion Real Estate Capital, Liberty Mutual Investments, and Abrams Capital. This powerful backing has solidified RXR's position as the top player in the city's office market.
Just last month, RXR announced an expanded credit partnership with Liberty Mutual, which will allow the venture to deploy up to...
"We are excited to continue our partnership with Liberty Mutual, a long-time partner and a leader in the insurance and investment industry," Rechler said in a statement. "Their commitment to the Gemini Office Venture is a testament to the strength of our portfolio and the potential for future growth."
The Gemini Office Venture currently owns properties such as 75 Rockefeller Plaza and 1330 Avenue of the Americas. The venture plans to continue acquiring office properties in prime locations throughout New York City.
Power, money, and influence are all at play in the city's competitive office market, and RXR is proving to be a dominant force.