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Rockpoint Group

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Rockpoint Group, L.L.C
Company typePrivate ownership
IndustryPrivate equity real estate
Founded2003; 21 years ago (2003)[1][2]
FoundersBill Walton[1][2]
Keith Gelb
Headquarters500 Boylston Street, Boston, Massachusetts, U.S.[1][2]
Number of locations
4 offices
AUMUS$15 billion (June 2023)[3]
Number of employees
90 (2022)
Websitewww.rockpoint.com
Footnotes / references
[4]

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

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

Fund[21] Vintage year Committed capital (US$m)
Rockpoint Real Estate Fund I 2004 904
Rockpoint Real Estate Fund II 2005 1,700
Rockpoint Real Estate Fund III 2007 2,500
Rockpoint Real Estate Fund IV 2013 2,330
Rockpoint Core Plus Fund I 2014 950
Rockpoint Growth and Income Fund I 2015 1,000
Rockpoint Real Estate Fund V 2016 3,300
Rockpoint Growth and Income Fund II 2017 1,700
Rockpoint Growth and Income Fund III 2020 2,000
Rockpoint Real Estate Fund VI 2020 3,800

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

  1. ^ a b c d e f g h i "Rockpoint Group | TRD Research". TRD Research | Published by The Real Deal. March 19, 2019.
  2. ^ a b c d e f g h Pilgrim, Lexi (January 26, 2018). "Rockpoint Group | 1700 Broadway | Starrett City". The Real Deal New York.
  3. ^ "Institutional Real Estate, Inc. Global Investment Managers 2022" (PDF). October 15, 2022. Archived from the original (PDF) on October 15, 2022.
  4. ^ "Form ADV" (PDF). SEC. Retrieved November 24, 2022.
  5. ^ "The PERE 100 bounces back" (PDF). Harrison Street. 2022.
  6. ^ a b c "Rockpoint co-founder to step down | PERE". April 23, 2021. Archived from the original on April 23, 2021. Retrieved October 19, 2022.
  7. ^ a b c Carlisle, Candace (December 16, 2011). "Real estate fund taps investors for $330M". www.bizjournals.com. Retrieved October 19, 2022.
  8. ^ "Our Team". Wheelock Street Capital. Retrieved October 19, 2022.
  9. ^ "Company". Prospect Hill. Retrieved October 19, 2022.
  10. ^ "Fox, Pat". Department of Rangeland, Wildlife and Fisheries Management. Retrieved October 19, 2022.
  11. ^ Putzier, Konrad (March 13, 2018). "Blackstone Group | Rockpoint Group". The Real Deal New York. Retrieved October 19, 2022.
  12. ^ "Blackstone inks first real estate GP deal with Rockpoint stake | PERE". June 24, 2021. Archived from the original on June 24, 2021. Retrieved October 19, 2022.
  13. ^ "Blackstone Making Minority Investment in Rockpoint". Wall Street Journal. March 13, 2018. ISSN 0099-9660. Retrieved October 19, 2022.
  14. ^ "Dallas-based Invitation Homes forms new venture to buy up to $1 billion in rental homes". Dallas News. October 7, 2020. Retrieved October 19, 2022.
  15. ^ Dezember, Ryan. "America's Largest Landlord Adds $1 Billion for Its House Hunt". WSJ. Retrieved October 19, 2022.
  16. ^ "Invitation Homes pushes for higher-end homes with latest joint venture agreement". www.bizjournals.com. March 5, 2022. Retrieved October 19, 2022.
  17. ^ Herald, C. R. E. (May 2, 2022). "Rockpoint, ADIA form $2bn industrial real estate platform". CRE Herald. Retrieved October 19, 2022.
  18. ^ "Abu Dhabi Investment Authority Funds $2 Billion US Industrial Property Venture with Rockpoint Group – SWFI". www.swfinstitute.org. Retrieved October 19, 2022.
  19. ^ "Contact". Rockpoint. Retrieved October 19, 2022.
  20. ^ "About". Rockhill Management, L.L.C. Retrieved October 20, 2022.
  21. ^ "Rockpoint Group | Palico". www.palico.com. Retrieved October 22, 2022.
  22. ^ Times, Boston Real Estate (December 23, 2019). "CBRE Arranges 78,000 SF Renewal and Expansion at 75 State Street". Boston Real Estate Times. Retrieved October 20, 2022.
  23. ^ publisher8 (February 10, 2017). "Rockpoint Acquires 100 Pine in San Francisco for $287.5MM". The Registry. Retrieved October 19, 2022.{{cite web}}: CS1 maint: numeric names: authors list (link)
  24. ^ Times, Boston Real Estate (October 10, 2019). "Blackstone and EQ Office Sell 100 Summer Street to Rockpoint Group". Boston Real Estate Times. Retrieved October 20, 2022.
  25. ^ "UBS Sells 299 Park Avenue". Haute Living. January 11, 2010. Retrieved October 19, 2022.
  26. ^ Clabaugh, Jeff (August 4, 2014). "MRP, Rockpoint buy 1333 H St. NW". www.bizjournals.com. Retrieved October 19, 2022.
  27. ^ "Williamsburg Warehouse 184 Kent's Condos Will Start at $800K – Curbed NY". October 31, 2019. Archived from the original on October 31, 2019. Retrieved October 19, 2022.
  28. ^ "Rockpoint Group Completes $375 Million of Hotel Sales". www.businesswire.com. July 8, 2013. Retrieved October 19, 2022.
  29. ^ Registry, The (October 29, 2014). "Rockpoint Takes 275 Battery Street in San Francisco for $307MM". The Registry. Retrieved October 19, 2022.
  30. ^ January 10, Betsy Kim |; AM, 2019 at 04:00. "Rockpoint Group Buys One Dag Hammarskjöld Plaza for $600M". GlobeSt. Retrieved October 19, 2022.{{cite web}}: CS1 maint: numeric names: authors list (link)
  31. ^ 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. Retrieved October 19, 2022.
  32. ^ Wei, Peter Grant and Lingling (October 19, 2010). "Fisher Family Readies Cash for Distress Deals". Wall Street Journal. ISSN 0099-9660. Retrieved October 19, 2022.
  33. ^ "Feil, Rockpoint Snag $120M Stake In Manhattan Office Tower – Law360". June 8, 2021. Archived from the original on June 8, 2021. Retrieved October 19, 2022.
  34. ^ "New owners plan renovation of NYC's Milford Plaza: Travel Weekly". www.travelweekly.com. Retrieved October 19, 2022.
  35. ^ Modi, Priyanka (September 29, 2021). "Settlement Housing Fund Buys Majority Stake in Starrett City". The Real Deal New York. Retrieved October 20, 2022.
  36. ^ "Group purchases Taj Boston hotel for $125 million – The Boston Globe". The Boston Globe. July 17, 2016. Archived from the original on July 17, 2016. Retrieved October 19, 2022.
  37. ^ Sernovitz, Daniel (February 19, 2013). "MRP Realty to sell Washington Harbour". www.bizjournals.com. Retrieved October 19, 2022.
  38. ^ a b c d Manrodt, Alexis (September 25, 2020). "Rockpoint Group Settles Lawsuit Alleging Rent-Regulation Violations". The Real Deal New York. Retrieved October 19, 2022.
  39. ^ a b c d "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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