Rockpoint Group
Private equity real estate firm based in Boston From Wikipedia, the free encyclopedia
The Rockpoint Group (Rockpoint) is an American private equity real estate firm headquartered in Boston.[2]
 | |
Rockpoint Group's headquarters at 500 Boylston Street in Boston | |
| Company type | Private ownership |
|---|---|
| Industry | Private equity real estate |
| Founded | 2003[1][2] |
| Founders | Bill Walton[1][2] Keith Gelb |
| Headquarters | 500 Boylston Street, Boston, Massachusetts, U.S.[1][2] |
Number of locations | 4 offices |
| AUM | US$15 billion (June 2023)[3] |
Number of employees | 90 (2022) |
| Website | www |
| Footnotes / references [4] | |
In 2022, the firm was ranked by PERE (under Private Equity International) as the twelfth largest Private Equity Real Estate firm based on total fundraising over the most recent five-year period.[5]
Background
Summarize
Perspective
Rockpoint was founded in 2003 by Bill Walton, Greg Hartman, Jonathan Paul, Keith Gelb and Pat Fox.[1][2][6][7] The five of them were previously managing members of Westbrook Real Estate Partners who left to found the firm.[1][2][7] Westbrook Real Estate Partners was co-founded by Walton in 1994 and continued to be controlled by him and Gelb until 2014 where the firm closed.[2][6][7] Currently only Walton and Gelb remain with Rockpoint.[2] Paul left in 2007 to co-found Wheelock Street Capital,[6][8] Hartman left in 2013 to co-found Prospect Hill[9] and Fox retired from the firm.[10]
In March 2018, Blackstone Inc. acquired a 20% stake in Rockpoint.[11][12][13]
In October 2020, Rockpoint formed a $1 billion joint venture with Invitation Homes to buy, renovate and rent out single-family homes across the U.S.[14][15] In March 2022, they formed another joint venture worth $300 million to acquire higher-end single-family homes.[16]
In May 2022, Rockpoint formed a $2 billion industrial real estate platform with a wholly owned subsidiary of the Abu Dhabi Investment Authority.[17][18]
Rockpoint is headquartered in Boston with additional offices in Dallas, London and San Francisco.[19]
Rockpoint has an affiliate named Rockhill Management which is a dedicated property services management company.[20]
Investments
- 75 State Street[21]
- 100 Pine Center[22]
- 100 Summer Street[23]
- 299 Park Avenue[24]
- 1333 H Street[25]
- Austin, Nichols and Company Warehouse[26]
- Boston Park Plaza[27]
- Embarcadero West[28]
- One Dag Hammarskjöld Plaza[29]
- Parc 55 San Francisco[30]
- Park Avenue Plaza[31]
- Parkmerced
- Rodin Studios[32]
- Row NYC Hotel[33]
- Spring Creek Towers[34]
- The Newbury Boston[35]
- Washington Harbour[36]
Disputes
In November 2019, tenants of 63 Wall Street and 67 Wall Street in Manhattan filed a class-action lawsuit against Rockpoint over alleged rent-regulation violations.[1][37][38] Rockpoint was alleged to have failed to follow the 421-g program which allowed it to forgo property taxes but required it to offer rent-regulated leases.[1][37][38] Rockpoint was considered to have overcharged above the lease limits while still benefiting from tax breaks.[1][37][38] In September 2020, Rockpoint reached a settlement where it would pay out $5 million to 4,800 current and former tenants.[1][37][38]
References
External links
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