Over $3.5 Billion in Transactions To-Date
NEW YORK (September 24, 2025) – RXR, a real estate investment manager that creates value by applying vertically integrated operational and development capabilities, announced the launch of its Gemini Office Venture. This new multibillion-dollar office platform invests in premier Class A New York City office that can be acquired at attractive market values. The Gemini platform is designed to serve as a vehicle through which institutional office owners can contribute their legacy office holdings in exchange for liquidity and an interest in a high-quality, diversified portfolio, managed by a leading operating and development company that can reimagine, repurpose, and create value.
The Gemini Office Venture, which has made commitments totaling over $3.5 billion in transaction value to date, comprises a strategic investment from a consortium featuring The Baupost Group, Criterion Real Estate Capital, Liberty Mutual Investments, Abrams Capital, and King Street Capital Management.
“Project Gemini represents the culmination of our post-COVID office strategy and reflects our deep conviction in the New York City office market, which remains unparalleled nationwide. As we emerged from the pandemic, we recognized that the office market was undergoing a fundamental transformation,” said RXR CEO and Chairman Scott Rechler. “With one of the largest structural realignments of the office market in decades, institutional investors have generally found office to be an uninvestable asset class, creating an opportunity for RXR to invest in high-quality properties at generationally attractive valuations. Over the past 18 months, we have methodically positioned ourselves to capitalize on this market dislocation, acquiring interests in over 7.5 million square feet of premier Manhattan office space. The nation-leading strength of the NYC office leasing and financing markets continues to validate our strategy. We are grateful to be partnered with large, forward-thinking institutions that enable us to execute strategic office acquisitions while providing diversification and liquidity to existing owners of Manhattan office buildings.”
Gemini’s initial portfolio includes three New York City premier office properties:
- 590 Madison Avenue – In partnership with Elliott Investment Management, RXR acquired this one-million-square-foot trophy tower through Gemini from STRS Ohio pension fund for over $1.0 billion, marking the largest full-asset office acquisition in New York City since 2018. RXR secured the opportunity, with the help of an initial financing commitment from Cale Street Investments, during a period of capital market dislocation. RXR plans to make further enhancements to the property, including lobby and common area renovations, expanding upon the recent completion of a new 25,000 SF tenant amenity center. The asset has secured a blue-chip roster of tenants, including the North American headquarters for LVMH, as well as Apollo Global Management. Affiliates of Apollo also provided a $785MM financing package as part of the transaction.
- 1211 Avenue of the Americas – RXR completed a $1.0+ billion senior loan financing concurrent with the Gemini closing in August after RXR acquired a 49% interest in January. With anchor tenants FOX and News Corp securing 55% occupancy through 2042, the property is undergoing a full transformation of the lobby, ground floor, and exterior plaza experience and will offer prospective tenants a unique “building within a building” opportunity in the sought-after Rockefeller Center neighborhood.
- The Starrett Lehigh Building – RXR and its partners executed on a $1.1+ billion recapitalization of Starrett Lehigh, a 2.2M square foot office and retail complex occupied by leading tenants such as Ralph Lauren, Witel Communications, and Fashionphile Group. The property benefits from $165MM of capital improvements, including over 100,000 square feet of amenities, including an expansive 10th-floor amenity center, the Olly Olly food hall, critically acclaimed Marcus Samuelsson restaurant, Hav and Mar, and the recent opening of The Yacht Club, a one-of-a-kind indoor / outdoor restaurant, operated by Crew.
Gemini represents the culmination of RXR’s Office Recovery Strategy, which leverages over three decades of experience, a vertically integrated team, and operational expertise with bespoke hospitality services to separate the “Digital” from “Film” office buildings to invest in and operate properties positioned for long-term success in the post-COVID world. The Gemini venture will serve as a growth vehicle to allow for the highest quality class-A office portfolio to be curated, providing investors the opportunity to benefit from generationally attractive valuations, institutional management, and enhanced portfolio exit optionality.
In constituting Gemini and its underlying investments, Newmark served as RXR’s capital advisor, and Eastdil Secured served as RXR’s structuring advisor.
About RXR
RXR is an innovative real estate investment manager, operator, developer, and place-maker committed to applying a customer and community-centered approach to acquiring, operating, and building properties and to providing services and products that create enduring value for all stakeholders. Headquartered in New York with a nationally-scaled platform, RXR is an approximately 450 person, vertically integrated investment manager with expertise in a wide array of value creation activities, including acquisitions, asset and portfolio management, property operations, development, construction, leasing, and technological innovation. RXR is an active investor in real estate credit, rental housing, commercial property, and property technology through value-added and opportunistic investment strategies. The RXR platform manages 109 commercial real estate properties and investments with an aggregate gross asset value of approximately $16.6 billion, comprising approximately 30.9 million square feet of commercial properties, a multi-family residential portfolio of approximately 9,600 units under operation or development, and control of development rights for an additional approximately 3,000 multi-family and for sale units as of June 30, 2025. Gross asset value compiled by RXR in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.
