Tuesday, July 7, 2020
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Home Newsletter Convene to Manage RXR’s New Exclusive NYC Club

Convene to Manage RXR’s New Exclusive NYC Club

Flexible office space provider Convene will shift further towards property management as RXR Realty asked it to operate and manage its exclusive, invite-only club located in the 32nd floor penthouse of 75 Rockefeller Plaza in New York. “Club 75” opened on October 25.
RXR Realty owner, chief executive and chairman Scott Rechler partnered with Convene to design and manage the 14,000 square foot space that is expected to include gathering and amenity spaces, food offerings and some work areas, according to the New York Post.
The companies are looking to expand Club 75’s membership for business executives as well as members who are among New York’s thinkers, changers and creators.
“We have a beautiful library, dining space, a lounge, flex space and also large meeting and event spaces,” Convene chief executive Ryan Simonetti, told the Post.
Along with managing Club 75, Convene will look to work with the building’s tenants to address their office catering needs. Simonetti told the Post he sees members as, “change makers” and entrepreneurs in the private and public sectors, arts and entertainment.
He stated this space would give members a great place to go, but also somewhere to talk about the challenges the community and society face.
The agreement is the second in as many months as Convene signed its biggest office lease to date in New York—a 116,000 square foot RXR Realty-owned building at 530 Fifth Avenue in September.
It perhaps should not come as a surprise that RXR entrusted Convene to manage Club 75, as the real estate company is also an investor in the flexible office space provider. RXR was part of the $152 million funding round in July that increased Convene’s valuation to $500 million. Convene has separated itself from other co-working space providers by working with mid-sized companies and managing office space on their behalf and serving as a property manager.
RXR currently controls the 32-story 75 Rockefeller Plaza building through a 99-year, triple-net lease it signed in 2013. The company recently finished a $150 million renovation and secured a $300 million refinancing package from TIAA. Convene currently leases 28,000 square feet in the building and operates at RXR’s 32 Old Slip and 237 Park Avenue buildings.
Club 75 will open with approximately 150 founding members and there will be a $4,800 price tag for new members, according to the Post. However, tenants are expected to be charged a reduced rate.

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