![]() Co-chief executives Mihir Shah and Yishai Lerner are new to real estate, but both are old hands in the Bay Area’s innovation-steeped tech sectors, according to TechCrunch. This subsidiary was first dreamed up as a business unit for the company, but shifted to a venture model to gain access to the increasingly-robust startup world for property technology at the direction of its leadership, whom JLL brought in from outside. Not to be outdone, the massive, seven-point-four-billion-dollar whale of real estate development and management JLL announced the launch of a $100 million fund that it’s subsidiary JLL Spark will administer. Rechler expects a close for the fund by the end of the year. His company already has relationships with some of the companies that it may invest in - in-home assistant startup Hello Alfred leases space at RXR’s 61 Broadway property and Convene operates coworking spaces in several of its buildings. Rechler explained that this strategy comes in part from RXR’s frustration at having to pass on changes to invest early in proptech startups like VTS and Convene. The New York-based real estate company is planning for a $50 million fund and hopes to attract as much as $100 million in complementary capital. New technologies that the fund is reported to be investing in include augmented reality, 3D printing, co-working and the blockchain.ĭoubling down on that investment, RXR CEO Scott Rechler recently told Bloomberg that his company is already speaking with investors about an even more focused proptech fund. The benefits of property technology - or proptech - are moving quickly from the realm of big, indefinite promises into the realm of concrete results, and those at the head of the industry seem to see a competitive advantage in establishing an early relationship with startups in that space.Įarlier this month, RXR Realty partnered with CBRE Group Inc and Cushman & Wakefield to back MetaProp Ventures II LP, a $40 million venture capital fund that will invest in early-stage real estate technology firms alongside more traditional real estate companies. ![]() The word for that, if you have a literary inclination, is mumpsimus.ĭespite that reputation, or maybe because of it, this summer has seen a handful of movers and shakers at the forefront of the CRE world stepping up their investments in technology that enables their asset managers, property managers and building engineers. Fairly or unfairly, the industry is maligned as one full of older executives - mostly male, mostly white - who are used to doing things the way they first learned them, newfangled inventions be damned. Commercial real estate has a reputation for being slow to adapt to changing technology.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |