Scott Rechler

Rechler’s been putting a new lens on the conversation around New York City office properties, rather literally.

Behind closed doors, Project Kodak took hold at RXR: the firm began separating assets into two buckets, digital and film. The former are deemed worth the company’s time and investment; the latter destined for the dustbin of history, at least in their contemporary form.

Meanwhile, Rechler and RXR have been leading the city’s office market.

This year brought the city’s largest investment deal in three years, when RXR closed on a $1 billion acquisition of 590 Madison Avenue, pulling in a $785 million loan from Apollo Global Management to close the acquisition of the Plaza District office building from the State Teachers Retirement System of Ohio.

In October, he restructured 75 Rockefeller Plaza, a major capital overhaul that saw San Francisco-based hedge fund Farallon Capital Management jump in as an investor. The investment valued the building between $190 million and $200 million, significantly below the $260 million in debt that RXR put on the property in 2022.

For all the rises and falls of the office market, Rechler is an unshaken player. RXR was revealed to be the owner of the Gemini Office Venture, which has quietly closed on $3.5 billion worth of transactions in New York City and set its sights on more local office deals.