Scott Rechler, Matt Boras, Andrew Min and David Gise

More than ever, New York-area owner and developer RXR is bringing artificial intelligence to its internal and external work, setting precedents for the wider commercial real estate industry.

Senior Vice Presidents Andrew Min and David Gise lead AI efforts with RXR, which Scott Rechler runs.

“We built a really ambitious strategy, and part of that is bringing in Dave to co-lead it with me,” said Min. “We think about three main pathways. One is fluency and enablement — giving our employees tools, training, governance and reusable capabilities. The second thing is focusing a lot on automating workflows — using AI to eliminate repetitive work and redesign workflows. We’ve completed over a hundred AI projects in this vein. 

“The third is transformative work. Instead of just automating processes that existed before, how do we create new processes that we can only do with AI? How do we underwrite assets that we acquire every day?”

Another key to RXR’s tech focus is proptech investments, headed by Matt Boras.

RXR Arden Digital Ventures, which RXR has co-sponsored alongside the Arden Group, is “a new type of venture fund,” said Boras. “I would argue that it is independent from the organizations in terms of how it operates as an investor, but combines venture expertise and investing, along with the strategic value of the two real estate organizations, which hasn’t really been done before.”

RXR Arden has invested almost all of its first fund, placing bets on what it considers category-leading companies such as Metropolis, one of the largest parking operators in the U.S., and Split Pay, among the fastest-growing companies in built world tech’s short history, Boras said.

“We co-invest alongside generalist and other sector-specific funds, and I think it’s been eye-opening in terms of the type of impact we’ve been able to have on the early-stage companies,” said Boras. “It’s a platform that RXR and Arden is going to continue to grow.”