Scott Rechler (left), Matt Boras (top right), and Andrew Min.
Scott Rechler, Matt Boras and Andrew Min
Chairman and CEO; managing director of venture capital activities; senior vice president of strategy and digital initiatives at RXR
This year has been one of activity and advancement. RXR is no exception.
“We made a strong push to digitize much of our business a few years ago, even before the pandemic, starting with the creation of our in-house Digital Lab, which has been solely focused on leveraging technology to better serve our customers,” Scott Rechler said. “From this, we’ve developed a suite of different software solutions for our commercial and residential properties. Now, we’re integrating the data we have collected over the past few years into our everyday operations.”
The firm has 5 billion data points across operations, financials and demographics. As a result, RXR is able to draw from that data to enhance user experience.
“We’ve been getting a better sense of the types of personas that inhabit their buildings,” Andrew Min said. “Most owners, if you ask, ‘Who is in your buildings?’ will give you qualitative answers, or they’ll give you single variable answers like ‘We have older people, we have high-income or low-income people,’ but they don’t look at the intersection of all this. We go deeper and look at cross-cutting demographics and social psychological traits, and use that data to build strategies.”
As one example, the firm discovered there are a lot of empty nesters with pets in its residential buildings, and so built a pet-focused program on that data. The firm is also busy expanding its venture capital platform, recently teaming with fund manager Arden to form RXR Arden Digital Ventures Fund — a VC firm focused on proptech.
“We’re investing in partnering with companies as early as the pre-seed stage and as late as the growth or pre-IPO stage,” Matt Boras said. “What that has done is open up RXR in terms of the different ways that we’re working with startups. In some cases, it’s serving as a design partner and helping the companies that we’re investing in as the first pilot customer for that company. In other cases, we are the end customer of a more mature company, or a distribution partner or channel partner to help our startups sell or get to whomever their target customer base is.”
