Rockpoint_Group

Rockpoint Group

Rockpoint Group

Private equity real estate firm based in Boston

The Rockpoint Group (Rockpoint) is an American private equity real estate firm headquartered in Boston.[2]

Quick Facts Company type, Industry ...

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

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]

Funds

More information Fund, Vintage year ...

Investments

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][38][39] 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][38][39] Rockpoint was considered to have overcharged above the lease limits while still benefiting from tax breaks.[1][38][39] In September 2020, Rockpoint reached a settlement where it would pay out $5 million to 4,800 current and former tenants.[1][38][39]

References

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  2. [2]
    Pilgrim, Lexi (January 26, 2018). "Rockpoint Group | 1700 Broadway | Starrett City". The Real Deal New York. Archived from the original on October 19, 2022. Retrieved October 19, 2022.
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    "Form ADV" (PDF). SEC. Archived (PDF) from the original on February 20, 2023. Retrieved November 24, 2022.
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    "The PERE 100 bounces back" (PDF). Harrison Street. 2022. Archived (PDF) from the original on October 9, 2022. Retrieved October 19, 2022.
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    "Rockpoint co-founder to step down | PERE". April 23, 2021. Archived from the original on April 23, 2021. Retrieved October 19, 2022.
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  8. [8]
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  9. [9]
    "Company". Prospect Hill. Archived from the original on October 19, 2022. Retrieved October 19, 2022.
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    "Fox, Pat". Department of Rangeland, Wildlife and Fisheries Management. Archived from the original on October 19, 2022. Retrieved October 19, 2022.
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    "Blackstone Making Minority Investment in Rockpoint". Wall Street Journal. March 13, 2018. ISSN 0099-9660. Archived from the original on October 19, 2022. Retrieved October 19, 2022.
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    Herald, C. R. E. (May 2, 2022). "Rockpoint, ADIA form $2bn industrial real estate platform". CRE Herald. Archived from the original on October 19, 2022. Retrieved October 19, 2022.
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  20. [20]
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    Times, Boston Real Estate (October 10, 2019). "Blackstone and EQ Office Sell 100 Summer Street to Rockpoint Group". Boston Real Estate Times. Archived from the original on October 20, 2022. Retrieved October 20, 2022.
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    "UBS Sells 299 Park Avenue". Haute Living. January 11, 2010. Archived from the original on October 19, 2022. Retrieved October 19, 2022.
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    "Rockpoint Group Completes $375 Million of Hotel Sales". www.businesswire.com. July 8, 2013. Archived from the original on October 19, 2022. Retrieved October 19, 2022.
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    Registry, The (October 29, 2014). "Rockpoint Takes 275 Battery Street in San Francisco for $307MM". The Registry. Archived from the original on December 5, 2022. Retrieved October 19, 2022.
  30. [30]
    January 10, Betsy Kim |; AM, 2019 at 04:00. "Rockpoint Group Buys One Dag Hammarskjöld Plaza for $600M". GlobeSt. Archived from the original on September 27, 2022. Retrieved October 19, 2022.{{cite web}}: CS1 maint: numeric names: authors list (link)
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    Sciacca, Annie (December 10, 2014). "S.F.'s Parc 55 Wyndham could fetch $550M in one of city's biggest hotel sales of 2014". www.bizjournals.com. Archived from the original on July 19, 2015. Retrieved October 19, 2022.
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  38. [38]
    Manrodt, Alexis (September 25, 2020). "Rockpoint Group Settles Lawsuit Alleging Rent-Regulation Violations". The Real Deal New York. Archived from the original on October 19, 2022. Retrieved October 19, 2022.
  39. [39]
    "Wall Street landlord reaches $5M settlement with tenants". August 3, 2021. Archived from the original on August 3, 2021. Retrieved October 19, 2022.
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