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Rockpoint Group

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Private equity real estate firm based in Boston

Rockpoint Group, L.L.C
Rockpoint Group's headquarters at 500 Boylston Street in Boston
Company typePrivate ownership
IndustryPrivate equity real estate
Founded2003; 21 years ago (2003)
FoundersBill Walton
Keith Gelb
Headquarters500 Boylston Street, Boston, Massachusetts, U.S.
Number of locations4 offices
AUMUS$15 billion (June 2023)
Number of employees90 (2022)
Websitewww.rockpoint.com
Footnotes / references

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

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.

Background

Rockpoint was founded in 2003 by Bill Walton, Greg Hartman, Jonathan Paul, Keith Gelb and Pat Fox. The five of them were previously managing members of Westbrook Real Estate Partners who left to found the firm. 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. Currently only Walton and Gelb remain with Rockpoint. Paul left in 2007 to co-found Wheelock Street Capital, Hartman left in 2013 to co-found Prospect Hill and Fox retired from the firm.

In March 2018, Blackstone Inc. acquired a 20% stake in Rockpoint.

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. In March 2022, they formed another joint venture worth $300 million to acquire higher-end single-family homes.

In May 2022, Rockpoint formed a $2 billion industrial real estate platform with a wholly owned subsidiary of the Abu Dhabi Investment Authority.

Rockpoint is headquartered in Boston with additional offices in Dallas, London and San Francisco.

Rockpoint has an affiliate named Rockhill Management which is a dedicated property services management company.

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

References

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  32. "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.
  33. "New owners plan renovation of NYC's Milford Plaza: Travel Weekly". www.travelweekly.com. Archived from the original on November 23, 2021. Retrieved October 19, 2022.
  34. Modi, Priyanka (September 29, 2021). "Settlement Housing Fund Buys Majority Stake in Starrett City". The Real Deal New York. Archived from the original on October 20, 2022. Retrieved October 20, 2022.
  35. "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.
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  37. ^ 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.
  38. ^ "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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