Rockpoint Group

{{Short description|Private equity real estate firm based in Boston}} {{Use mdy dates|date=December 2023}} {{Infobox company | name = Rockpoint Group, L.L.C | logo = Rockpoint_Group_Logo.svg | image = 500boylston8938vert.jpg | image_caption = Rockpoint Group's headquarters | image_size = | trade_name = | native_name = | former_name = | type = Private ownership | traded_as = | industry = Private equity real estate | founded = {{start date and age|2003}}<ref name="TRD">{{cite web |title=Rockpoint Group {{!}} TRD Research |url=https://therealdeal.com/new-research/topics/company/rockpoint-group/ |website=TRD Research {{!}} Published by The Real Deal |date=March 19, 2019 |access-date=October 19, 2022 |archive-date=October 19, 2022 |archive-url=https://web.archive.org/web/20221019132242/https://therealdeal.com/new-research/topics/company/rockpoint-group/ |url-status=live }}</ref><ref name="TRD2">{{cite web |last1=Pilgrim |first1=Lexi |title=Rockpoint Group {{!}} 1700 Broadway {{!}} Starrett City |url=https://therealdeal.com/2018/01/26/spotlight-on-rockpoint-group-the-firm-behind-the-starrett-city-and-1700-broadway-buys/ |website=The Real Deal New York |date=January 26, 2018 |access-date=October 19, 2022 |archive-date=October 19, 2022 |archive-url=https://web.archive.org/web/20221019134836/https://therealdeal.com/2018/01/26/spotlight-on-rockpoint-group-the-firm-behind-the-starrett-city-and-1700-broadway-buys/ |url-status=live }}</ref> | founders = Bill Walton<ref name="TRD"/><ref name="TRD2"/><br>Keith Gelb | location = 500 Boylston Street, Boston, Massachusetts, U.S.<ref name="TRD"/><ref name="TRD2"/> | num_locations = 4 offices | key_people = Tom Gilbane (co-CEO)<br/>Aric Shalev (co-CEO) | revenue = | net_income = | aum = US$15&nbsp;billion (June 2023)<ref name="IREI">{{cite web |title= Institutional Real Estate, Inc. Global Investment Managers 2022 |url=https://propertyfundsresearch.com/wp-content/uploads/2022/08/2022_PFR-IREI-REPORT-USDOLLARS.pdf |date=October 15, 2022|archive-url=https://web.archive.org/web/20221015030543/https://propertyfundsresearch.com/wp-content/uploads/2022/08/2022_PFR-IREI-REPORT-USDOLLARS.pdf |archive-date=October 15, 2022 }}</ref> | equity = | num_employees = 90 (2022) | parent = | subsidiaries = | website = {{URL|www.rockpoint.com}} | footnotes = <ref name="ADV">{{cite web |title=Form ADV |url=https://reports.adviserinfo.sec.gov/reports/ADV/156630/PDF/156630.pdf |website=SEC |access-date=November 24, 2022 |archive-date=February 20, 2023 |archive-url=https://web.archive.org/web/20230220130339/https://reports.adviserinfo.sec.gov/reports/ADV/156630/PDF/156630.pdf |url-status=live }}</ref> }}

The '''Rockpoint Group''' (Rockpoint) is an American private equity real estate firm headquartered in Boston with additional offices in Dallas, London and San Francisco.<ref>{{Cite web |title=Contact |url=https://www.rockpoint.com/contact/ |access-date=October 19, 2022 |website=Rockpoint |language=en |archive-date=October 19, 2022 |archive-url=https://web.archive.org/web/20221019162030/https://www.rockpoint.com/contact/ |url-status=live }}</ref><ref name="TRD2"/>

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.<ref>{{Cite web |date=2022 |title=The PERE 100 bounces back |url=https://www.harrisonst.com/wp-content/uploads/2022/06/The-PERE-100-Bounces-Back.pdf |website=Harrison Street |access-date=October 19, 2022 |archive-date=October 9, 2022 |archive-url=https://web.archive.org/web/20221009121354/https://www.harrisonst.com/wp-content/uploads/2022/06/The-PERE-100-Bounces-Back.pdf |url-status=live }}</ref>

== Background ==

Rockpoint was founded in 2003 by Bill Walton, Greg Hartman, Jonathan Paul, Keith Gelb and Pat Fox.<ref name="TRD"/><ref name="TRD2" /><ref name=":0" /><ref name=":1">{{Cite web |last=Carlisle |first=Candace |date=December 16, 2011 |title=Real estate fund taps investors for $330M |url=https://www.bizjournals.com/dallas/print-edition/2011/12/16/commercial-real-estate-real-estate.html |access-date=October 19, 2022 |website=www.bizjournals.com |archive-date=March 10, 2012 |archive-url=https://web.archive.org/web/20120310175824/http://www.bizjournals.com/dallas/print-edition/2011/12/16/commercial-real-estate-real-estate.html |url-status=live }}</ref> The five of them were previously managing members of Westbrook Real Estate Partners who left to found the firm.<ref name="TRD" /><ref name="TRD2" /><ref name=":1" /> 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.<ref name="TRD2" /><ref name=":0" /><ref name=":1" /> Currently only Walton and Gelb remain with Rockpoint.<ref name="TRD2" /> Paul left in 2007 to co-found Wheelock Street Capital,<ref name=":0">{{Cite web |date=April 23, 2021 |title=Rockpoint co-founder to step down {{!}} PERE |url=https://www.perenews.com/rockpoint-co-founder-to-step-down/ |access-date=October 19, 2022 |archive-url=https://web.archive.org/web/20210423054527/https://www.perenews.com/rockpoint-co-founder-to-step-down/ |archive-date=April 23, 2021 }}</ref><ref>{{Cite web |title=Our Team |url=https://wheelockst.com/our-team/ |access-date=October 19, 2022 |website=Wheelock Street Capital |language=en-US |archive-date=October 19, 2022 |archive-url=https://web.archive.org/web/20221019140817/https://wheelockst.com/our-team/ |url-status=live }}</ref> Hartman left in 2013 to co-found Prospect Hill<ref>{{Cite web |title=Company |url=http://prospecthillgroup.com/company/ |access-date=October 19, 2022 |website=Prospect Hill |language=en-US |archive-date=October 19, 2022 |archive-url=https://web.archive.org/web/20221019140818/http://prospecthillgroup.com/company/ |url-status=live }}</ref> and Fox retired from the firm.<ref>{{Cite web |title=Fox, Pat |url=https://rwfm.tamu.edu/people/fox-pat/ |access-date=October 19, 2022 |website=Department of Rangeland, Wildlife and Fisheries Management |language=en-US |archive-date=October 19, 2022 |archive-url=https://web.archive.org/web/20221019140820/https://rwfm.tamu.edu/people/fox-pat/ |url-status=live }}</ref>

In March 2018, Blackstone Inc. acquired a 20% stake in Rockpoint.<ref>{{Cite news |last=Putzier |first=Konrad |date=March 13, 2018 |title=Blackstone Group {{!}} Rockpoint Group |url=https://therealdeal.com/2018/03/13/blackstone-buys-stake-in-rockpoint/ |access-date=October 19, 2022 |website=The Real Deal New York |language=en-US |archive-date=October 19, 2022 |archive-url=https://web.archive.org/web/20221019154341/https://therealdeal.com/2018/03/13/blackstone-buys-stake-in-rockpoint/ |url-status=live }}</ref><ref>{{Cite web |date=June 24, 2021 |title=Blackstone inks first real estate GP deal with Rockpoint stake {{!}} PERE |url=https://www.perenews.com/blackstone-inks-first-real-estate-gp-deal-rockpoint-stake/ |access-date=October 19, 2022 |archive-url=https://web.archive.org/web/20210624152742/https://www.perenews.com/blackstone-inks-first-real-estate-gp-deal-rockpoint-stake/ |archive-date=June 24, 2021 }}</ref><ref>{{Cite news |date=March 13, 2018 |title=Blackstone Making Minority Investment in Rockpoint |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/blackstone-making-minority-investment-in-rockpoint-1520972833 |access-date=October 19, 2022 |issn=0099-9660 |archive-date=October 19, 2022 |archive-url=https://web.archive.org/web/20221019155027/https://www.wsj.com/articles/blackstone-making-minority-investment-in-rockpoint-1520972833 |url-status=live }}</ref>

In October 2020, Rockpoint formed a $1&nbsp;billion joint venture with Invitation Homes to buy, renovate and rent out single-family homes across the U.S.<ref>{{Cite web |date=October 7, 2020 |title=Dallas-based Invitation Homes forms new venture to buy up to $1 billion in rental homes |url=https://www.dallasnews.com/business/real-estate/2020/10/07/dallas-based-invitation-homes-forms-new-venture-to-buy-up-to-1-billion-in-rental-homes/ |access-date=October 19, 2022 |website=Dallas News |language=en |archive-date=October 19, 2022 |archive-url=https://web.archive.org/web/20221019160625/https://www.dallasnews.com/business/real-estate/2020/10/07/dallas-based-invitation-homes-forms-new-venture-to-buy-up-to-1-billion-in-rental-homes/ |url-status=live }}</ref><ref>{{Cite web |last=Dezember |first=Ryan |title=America's Largest Landlord Adds $1 Billion for Its House Hunt |url=https://www.wsj.com/articles/invitation-rockpoint-forge-1-billion-rental-home-venture-11602067500 |access-date=October 19, 2022 |website=WSJ |language=en-US |archive-date=October 19, 2022 |archive-url=https://web.archive.org/web/20221019155025/https://www.wsj.com/articles/invitation-rockpoint-forge-1-billion-rental-home-venture-11602067500 |url-status=live }}</ref> In March 2022, they formed another joint venture worth $300&nbsp;million to acquire higher-end single-family homes.<ref>{{Cite web |date=March 5, 2022 |title=Invitation Homes pushes for higher-end homes with latest joint venture agreement |url=https://www.bizjournals.com/dallas/news/2022/03/05/invitation-homes-rockpoint.html |access-date=October 19, 2022 |website=www.bizjournals.com |archive-date=March 5, 2022 |archive-url=https://web.archive.org/web/20220305183434/https://www.bizjournals.com/dallas/news/2022/03/05/invitation-homes-rockpoint.html |url-status=live }}</ref>

In May 2022, Rockpoint formed a $2&nbsp;billion industrial real estate platform with a wholly owned subsidiary of the Abu Dhabi Investment Authority.<ref>{{Cite web |last=Herald |first=C. R. E. |date=May 2, 2022 |title=Rockpoint, ADIA form $2bn industrial real estate platform |url=https://www.creherald.com/rockpoint-adia-form-2bn-industrial-real-estate-platform/ |access-date=October 19, 2022 |website=CRE Herald |language=en |archive-date=October 19, 2022 |archive-url=https://web.archive.org/web/20221019143528/https://www.creherald.com/rockpoint-adia-form-2bn-industrial-real-estate-platform/ |url-status=live }}</ref><ref>{{Cite web |title=Abu Dhabi Investment Authority Funds $2 Billion US Industrial Property Venture with Rockpoint Group – SWFI |url=https://www.swfinstitute.org/news/92428/abu-dhabi-investment-authority-funds-2-billion-us-industrial-property-venture-with-rockpoint-group |access-date=October 19, 2022 |website=www.swfinstitute.org |archive-date=October 19, 2022 |archive-url=https://web.archive.org/web/20221019143525/https://www.swfinstitute.org/news/92428/abu-dhabi-investment-authority-funds-2-billion-us-industrial-property-venture-with-rockpoint-group |url-status=live }}</ref>

Rockpoint has an affiliate named Rockhill Management which is a dedicated property services management company.<ref>{{Cite web |title=About |url=https://rockhillmanagement.com/about/ |access-date=October 20, 2022 |website=Rockhill Management, L.L.C. |language=en |archive-date=October 20, 2022 |archive-url=https://web.archive.org/web/20221020141411/https://rockhillmanagement.com/about/ |url-status=live }}</ref>

In December 2025, Rockpoint named Tom Gilbane and Aric Shalev co-CEOs of the company.<ref>{{Cite web |last=Lee |first=Evelyn |date=2025-12-18 |title=Rockpoint names new co-CEOs |url=https://www.perenews.com/rockpoint-names-new-co-ceos/ |access-date=2026-03-24 |website=PERE |language=en-US}}</ref>

== Investments == {{div col|colwidth=20em}} * 75 State Street<ref>{{Cite web |last=Times |first=Boston Real Estate |date=December 23, 2019 |title=CBRE Arranges 78,000 SF Renewal and Expansion at 75 State Street |url=https://bostonrealestatetimes.com/cbre-arranges-78000-sf-renewal-and-expansion-at-75-state-street/ |access-date=October 20, 2022 |website=Boston Real Estate Times |language=en-US |archive-date=October 20, 2022 |archive-url=https://web.archive.org/web/20221020141450/https://bostonrealestatetimes.com/cbre-arranges-78000-sf-renewal-and-expansion-at-75-state-street/ |url-status=live }}</ref> * 100 Pine Center<ref>{{Cite web |last=publisher8 |date=February 10, 2017 |title=Rockpoint Acquires 100 Pine in San Francisco for $287.5MM |url=https://news.theregistrysf.com/rockpoint-acquires-100-pine-san-francisco-287-5mm/ |access-date=October 19, 2022 |website=The Registry |language=en-US |archive-date=October 19, 2022 |archive-url=https://web.archive.org/web/20221019160626/https://news.theregistrysf.com/rockpoint-acquires-100-pine-san-francisco-287-5mm/ |url-status=live }}</ref> * 100 Summer Street<ref>{{Cite web |last=Times |first=Boston Real Estate |date=October 10, 2019 |title=Blackstone and EQ Office Sell 100 Summer Street to Rockpoint Group |url=https://bostonrealestatetimes.com/blackstone-and-eq-office-sell-100-summer-street-to-rockpoint-group/ |access-date=October 20, 2022 |website=Boston Real Estate Times |language=en-US |archive-date=October 20, 2022 |archive-url=https://web.archive.org/web/20221020140109/https://bostonrealestatetimes.com/blackstone-and-eq-office-sell-100-summer-street-to-rockpoint-group/ |url-status=live }}</ref> * 299 Park Avenue<ref>{{Cite web |date=January 11, 2010 |title=UBS Sells 299 Park Avenue |url=https://hauteliving.com/2010/01/ubs-sells-299-park-avenue/18873/ |access-date=October 19, 2022 |website=Haute Living |language=en-US |archive-date=October 19, 2022 |archive-url=https://web.archive.org/web/20221019165132/https://hauteliving.com/2010/01/ubs-sells-299-park-avenue/18873/ |url-status=live }}</ref> * 1333 H Street<ref>{{Cite web |last=Clabaugh |first=Jeff |date=August 4, 2014 |title=MRP, Rockpoint buy 1333 H St. NW |url=https://www.bizjournals.com/washington/breaking_ground/2014/08/mrp-rockpoint-buy-1333-h.html |access-date=October 19, 2022 |website=www.bizjournals.com |archive-date=March 16, 2024 |archive-url=https://web.archive.org/web/20240316033549/https://www.bizjournals.com/washington/breaking_ground/2014/08/mrp-rockpoint-buy-1333-h.html |url-status=live }}</ref> * Austin, Nichols and Company Warehouse<ref>{{Cite web |date=October 31, 2019 |title=Williamsburg Warehouse 184 Kent's Condos Will Start at $800K – Curbed NY |url=https://ny.curbed.com/2015/5/22/9957660/williamsburg-warehouse-184-kents-condos-will-start-at-800k |access-date=October 19, 2022 |archive-url=https://web.archive.org/web/20191031234042/https://ny.curbed.com/2015/5/22/9957660/williamsburg-warehouse-184-kents-condos-will-start-at-800k |archive-date=October 31, 2019 }}</ref> * Boston Park Plaza<ref>{{Cite web |date=July 8, 2013 |title=Rockpoint Group Completes $375 Million of Hotel Sales |url=https://www.businesswire.com/news/home/20130708005739/en/Rockpoint-Group-Completes-375-Million-of-Hotel-Sales |access-date=October 19, 2022 |website=www.businesswire.com |language=en |archive-date=October 19, 2022 |archive-url=https://web.archive.org/web/20221019000128/https://www.businesswire.com/news/home/20130708005739/en/Rockpoint-Group-Completes-375-Million-of-Hotel-Sales |url-status=live }}</ref> * Embarcadero West<ref>{{Cite web |last=Registry |first=The |date=October 29, 2014 |title=Rockpoint Takes 275 Battery Street in San Francisco for $307MM |url=http://news.theregistrysf.com/rockpoint-takes-275-battery-street-in-san-francisco-for-307mm/ |access-date=October 19, 2022 |website=The Registry |language=en-US |archive-date=December 5, 2022 |archive-url=https://web.archive.org/web/20221205222512/https://news.theregistrysf.com/rockpoint-takes-275-battery-street-in-san-francisco-for-307mm/ |url-status=live }}</ref> * One Dag Hammarskjöld Plaza<ref>{{Cite web |last1=January 10 |first1=Betsy Kim {{!}} |last2=AM |first2=2019 at 04:00 |title=Rockpoint Group Buys One Dag Hammarskjöld Plaza for $600M |url=https://www.globest.com/2019/01/10/rockpoint-group-buys-one-dag-hammarskjold-plaza-for-600m/ |access-date=October 19, 2022 |website=GlobeSt |language=en |archive-date=September 27, 2022 |archive-url=https://web.archive.org/web/20220927151833/https://www.globest.com/2019/01/10/rockpoint-group-buys-one-dag-hammarskjold-plaza-for-600m/ |url-status=live }}</ref> * Parc 55 San Francisco<ref>{{Cite web |last=Sciacca |first=Annie |date=December 10, 2014 |title=S.F.'s Parc 55 Wyndham could fetch $550M in one of city's biggest hotel sales of 2014 |url=https://www.bizjournals.com/sanfrancisco/blog/2014/12/parc-55-wyndham-hotel-sf-sale-hilton-blackstone.html |access-date=October 19, 2022 |website=www.bizjournals.com |archive-date=July 19, 2015 |archive-url=https://web.archive.org/web/20150719105405/http://www.bizjournals.com/sanfrancisco/blog/2014/12/parc-55-wyndham-hotel-sf-sale-hilton-blackstone.html |url-status=live }}</ref> * Park Avenue Plaza<ref>{{Cite news |last=Wei |first=Peter Grant and Lingling |date=October 19, 2010 |title=Fisher Family Readies Cash for Distress Deals |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/SB10001424052702304410504575560611474845020 |access-date=October 19, 2022 |issn=0099-9660 |archive-date=May 3, 2019 |archive-url=https://web.archive.org/web/20190503101712/https://www.wsj.com/articles/SB10001424052702304410504575560611474845020 |url-status=live }}</ref> * Parkmerced * Rodin Studios<ref>{{Cite web |date=June 8, 2021 |title=Feil, Rockpoint Snag $120M Stake In Manhattan Office Tower – Law360 |url=https://www.law360.com/articles/643025/feil-rockpoint-snag-120m-stake-in-manhattan-office-tower |access-date=October 19, 2022 |archive-url=https://web.archive.org/web/20210608005821/https://www.law360.com/articles/643025/feil-rockpoint-snag-120m-stake-in-manhattan-office-tower |archive-date=June 8, 2021 }}</ref> * Row NYC Hotel<ref>{{Cite web |title=New owners plan renovation of NYC's Milford Plaza: Travel Weekly |url=https://www.travelweekly.com/Travel-News/Hotel-News/New-owners-plan-renovation-of-NYC-s-Milford-Plaza |access-date=October 19, 2022 |website=www.travelweekly.com |language=en |archive-date=November 23, 2021 |archive-url=https://web.archive.org/web/20211123010659/https://www.travelweekly.com/Travel-News/Hotel-News/New-owners-plan-renovation-of-NYC-s-Milford-Plaza |url-status=live }}</ref> * Spring Creek Towers<ref>{{Cite web |last=Modi |first=Priyanka |date=September 29, 2021 |title=Settlement Housing Fund Buys Majority Stake in Starrett City |url=https://therealdeal.com/2021/09/29/settlement-housing-fund-revealed-as-buyer-behind-1-8b-starrett-city-deal/ |access-date=October 20, 2022 |website=The Real Deal New York |language=en-US |archive-date=October 20, 2022 |archive-url=https://web.archive.org/web/20221020140450/https://therealdeal.com/2021/09/29/settlement-housing-fund-revealed-as-buyer-behind-1-8b-starrett-city-deal/ |url-status=live }}</ref> * The Newbury Boston<ref>{{Cite web |date=July 17, 2016 |title=Group purchases Taj Boston hotel for $125 million – The Boston Globe |website=The Boston Globe |url=https://www.bostonglobe.com/business/2016/07/13/taj/2wIsv8T9jNpMILaD57vhXN/story.html |access-date=October 19, 2022 |archive-url=https://web.archive.org/web/20160717190009/https://www.bostonglobe.com/business/2016/07/13/taj/2wIsv8T9jNpMILaD57vhXN/story.html |archive-date=July 17, 2016 }}</ref> * Washington Harbour<ref>{{Cite web |last=Sernovitz |first=Daniel |date=February 19, 2013 |title=MRP Realty to sell Washington Harbour |url=https://www.bizjournals.com/washington/breaking_ground/2013/02/mrp-realty-to-sell-washington-harbour.html |access-date=October 19, 2022 |website=www.bizjournals.com |archive-date=August 19, 2022 |archive-url=https://web.archive.org/web/20220819234649/https://www.bizjournals.com/washington/breaking_ground/2013/02/mrp-realty-to-sell-washington-harbour.html |url-status=live }}</ref> {{div col end}}

== 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.<ref name="TRD" /><ref name=":2">{{Cite web |last=Manrodt |first=Alexis |date=September 25, 2020 |title=Rockpoint Group Settles Lawsuit Alleging Rent-Regulation Violations |url=https://therealdeal.com/2020/09/25/rockpoint-group-settles-alleged-rent-stabilization-violations-for-5m/ |access-date=October 19, 2022 |website=The Real Deal New York |language=en-US |archive-date=October 19, 2022 |archive-url=https://web.archive.org/web/20221019143525/https://therealdeal.com/2020/09/25/rockpoint-group-settles-alleged-rent-stabilization-violations-for-5m/ |url-status=live }}</ref><ref name=":3">{{Cite web |date=August 3, 2021 |title=Wall Street landlord reaches $5M settlement with tenants |url=https://www.crainsnewyork.com/residential-real-estate/wall-street-landlord-reaches-5m-settlement-tenants |access-date=October 19, 2022 |archive-url=https://web.archive.org/web/20210803013315/https://www.crainsnewyork.com/residential-real-estate/wall-street-landlord-reaches-5m-settlement-tenants |archive-date=August 3, 2021 }}</ref> 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.<ref name="TRD" /><ref name=":2" /><ref name=":3" /> Rockpoint was considered to have overcharged above the lease limits while still benefiting from tax breaks.<ref name="TRD" /><ref name=":2" /><ref name=":3" /> In September 2020, Rockpoint reached a settlement where it would pay out $5&nbsp;million to 4,800 current and former tenants.<ref name="TRD" /><ref name=":2" /><ref name=":3" />

==References== {{Reflist}}

==External links== * {{Official website| https://www.rockpoint.com}}

{{Real estate}} {{Private equity and venture capital}} {{authority control}}

Category:2003 establishments in Massachusetts Category:Financial services companies established in 2003 Category:Companies based in Boston Category:Investment companies of the United States Category:Real estate companies of the United States Category:Real estate companies established in 2003