New York real estate firm RXR Realty has launched a fund dedicated to property-technology investing as tenants demand more high-tech services from their landlords.
RXR has begun speaking with existing investors about the so-called proptech fund, Chief Executive Officer Scott Rechler said in an interview. The firm is initially targeting a $50 million fund and will allow investors to contribute as much as $100 million in additional capital alongside the fund. Earlier this month, RXR backed MetaProp Ventures II LP, an incubator for emerging companies, and expects to lean on the firm’s expertise to vet its potential deals.