RXR has launched its Gemini Office Venture, a multibillion-dollar office platform to invest in premier class A office properties in New York City.

The Gemini Office Venture, which has made commitments totaling more than $3.5 billion in transaction value as of Sept. 24, 2025, comprises a strategic investment from a consortium featuring The Baupost Group, Criterion Real Estate Capital, Liberty Mutual Investments, Abrams Capital and King Street Capital Management.

Gemini’s objective is to invest in and operate properties positioned for long-term success in the post-COVID world. The platform is designed to serve as a vehicle through which institutional office owners can contribute their legacy office holdings in exchange for liquidity and an interest in a high-quality, diversified portfolio, managed by a leading operating and development company that can reimagine, repurpose and create value.

“Project Gemini represents the culmination of our post-COVID office st