RMAX - RXR Launches $1 Billion Fund To Revive New York City's Office Building Market | Benzinga
RXR, a major property developer led by CEO Scott Rechler, has announced the launch of a $1 billion fund specifically designed to invest in New York City's distressed office buildings, marking a potential new chapter in the ongoing commercial real estate crisis.
What Happened: As part of the launch, RXR is collaborating with Ares Management (NYSE: ARES), a renowned alternative investment manager with a substantial portfolio in real estate assets.
Rechler and Ares are seizing an opportunity created by the recent thaw in the office market, which had been previously hindered by uncertainties surrounding interest rates and the rise of remote working, reported The Financial Times.
"We have clarity as to where rates are, we have clarity about the future of offices, and which buildings are going to be competitive, and we have a capitulation, I think, to a recognition that values aren’t just bouncing back like they did in ‘08," Rechler told the publication.
The partnership between RXR and ...