Rubenstein Partners poached the acquisitions guru who helped build RXR Realty from a suburban office investor to one of the city’s biggest commercial landlords as the Philadelphia-based company looks to grow its footprint in New York.
Robert Andrews joined Rubenstein as director of its burgeoning New York City office, company executives told The Real Deal.
“Rubenstein is very serious about the New York City market,” Andrews said. “We’ll be looking to achieve deeper penetration in both Manhattan and the surrounding boroughs.”
Rubenstein, which has invested in more than 10 million square feet of office properties since its founding in 2005, made its first New York City acquisition in 2015 when it bought a stake in Toby Moskovits’ 400,000-square-foot speculative office development at 25 Kent Avenue in Williamsburg.
Rubenstein portfolio manager Brandon Huffman said the company has a closed-end fund with about $700 million worth of purchasing power it’s looking to deploy, and is considering raising another fund in the future.
In New York City, the company will be targeting transitional and value-add properties, either by taking a position in the capital stack or acquiring assets outright, Andrews said.
Rubenstein is close to signing a lease for a new office in Midtown, where Andrews will work alongside Fred Harmeyer, a former capital markets executive at Cushman & Wakefield who joined Rubenstein in June as a debt portfolio manager.
Andrews spent 10 years at RXR, where he oversaw investments valued at $13 billion. His major acquisitions include the purchase of 1285 Sixth Avenue for $1.65 billion, and the $1.25 billion purchase of the Helmsley Building at 230 Park Avenue.