Ares Management, a global alternative investment manager, and RXR Realty, a real estate owner, operator, and developer in the New York Tri-State area, formed a $1bn joint venture to form a fund targeting debt and equity investments in distressed commercial properties primarily located in New York City. “We have clarity as to where rates are, we have clarity about the future of offices, and which buildings are going to be competitive, and we have a capitulation, I think, to a recognition that values aren’t just bouncing back like they did in 2008,” Scott Rechler, RXR Realty CEO.