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s interest rates remained high, private equity firms played a key role in helping property owners upgrade and stabilize their assets. Major commercial real estate landlords, including those on our Power 100 list, brought in joint equity partners for recapitalizations, particularly in the office sector, which had been hit hard by the pandemic but is now recovering.

    RXR led the charge with several high-profile deals, including a $1.3 billion loan modification and $200 million equity infusion at 5 Times Square, where Apollo Global Management converted its mezzanine position to equity as part of the recap. RXR also partnered with Sagehall to inject $70 million into its 530 Fifth Avenue office building, securing an additional $110 million loan facility from ING Capital.

    In another deal, RXR teamed up with Hudson Bay Capital to recapitalize 620 Avenue of the Americas, a 700,000-square-foot office and retail property that had faced leasing challenges after anchor tenants WeWork and Bed Bath & Beyond filed for bankruptcy. The transaction involved a $320 million loan from a consortium of lenders and made Hudson Bay a 50-50 partner in the property.

    Recapitalizations weren't limited to the office sector, however. In January 2025, Harbor Group International formed a joint venture with The Garrett Companies and Telis Group to complete a $630.5 million recapitalization of a 2,192-unit multifamily portfolio across several states. This deal was one of many large-scale recaps late last year and into 2025.