New York Landlord RXR Realty Taps Investors for a Technology Fund
- Firm has invested in MetaProp, evaluated Convene, Hello Alfred
- RXR is led by Scott Rechler, who’s on the board of the MTA
Photographer: Andrew Harrer/Bloomberg
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New York real estate firm RXR Realty has launched a fund dedicated to property-technology investing as tenants demand more high-tech services from their landlords.
RXR has begun speaking with existing investors about the so-called proptech fund, Chief Executive Officer Scott Rechler said in an interview. The firm is initially targeting a $50 million fund and will allow investors to contribute as much as $100 million in additional capital alongside the fund. Earlier this month, RXR backed MetaProp Ventures II LP, an accelerator for emerging companies, and expects to lean on the firm’s expertise to vet its potential deals.