View Acquires RXR Realty’s WorxWell™ Platform to Create an Industry-Leading Office Real Estate Technology Offering

Rhea-AI Summary

View has signed a strategic partnership with RXR Realty to integrate RXR's WorxWell data analytics platform into its technology stack. This collaboration aims to enhance energy efficiency, user experiences, and operational capabilities in real estate. WorxWell currently covers 25 million square feet and provides insights into building occupancy, health, and environmental factors. Following its earlier acquisition of IoTium, View continues to expand its smart building technologies, positioning itself as a leader in driving the digital transformation of real estate.

Positive

• Collaboration with RXR to integrate WorxWell data analytics enhances operational efficiency.
• WorxWell's deployment in 25 million square feet demonstrates strong market presence.
• Expansion of technology offerings through earlier acquisition of IoTium positions View as a leader in smart building technology.

Negative

• None.

View and RXR will collaborate across its portfolio to drive the digital transformation of real estate to improve energy usage, user experiences, and building operations

NEW YORK and MILPITAS, Calif., Dec. 07, 2021 (GLOBE NEWSWIRE) -- View, Inc. (NASDAQ: VIEW) (“View”), the leader in smart building technologies, today announced it has entered into a strategic agreement with RXR Realty to combine RXR’s WorxWell™ data analytics platform into its broader technology stack.

Formerly known as RxWell™, WorxWell’s award-winning, data analytics platform aggregates all building data including occupancy, space usage, digital collaboration and work patterns, access control, air quality, temperature, and environmental factors into a consolidated dashboard to optimize every aspect of building operations and workplace experience for both building owners and occupiers. It also offers tools and mobile apps that put employee health and safety, security, space utilization, hybrid work analyses, employee experience and engagement, ESG optimization and compliance, operational information, and more in the hands of building managers and tenants. WorxWell is currently deployed in 25 million square feet of office buildings.

View has built a converged, enterprise-grade, secure network that serves as the platform for smart buildings; View also offers infrastructure security software, machine-learning enabled smart sensors and analytics, and products to enhance user health and experience, energy savings, and operational efficiency in buildings. Acquiring WorxWell enables View to provide an integrated, end-to-end technology and product stack that seamlessly brings together software, sensors, and data from View and third parties, into a unified platform, so real estate owners and enterprise customers can use data to effectively and efficiently respond to changing trends in real estate, such as hybrid work, health and wellness, and sustainability.

“Real estate owners and tenants are embracing technology to deliver better occupant experiences, improved health, lower carbon emissions, and superior business outcomes,” said Dr. Rao Mulpuri, CEO of View. “We are excited to partner with RXR to bring together the best of both companies – RXR’s real estate expertise and tenant insights and View’s deep technology and product development expertise – to make buildings healthier, more energy efficient, more adaptable to user needs, and lower cost to operate.”

“View has built the industry’s most comprehensive technology stack to drive the digital transformation of real estate. We created WorxWell to re-invent the office experience and we see this partnership with View as the fastest way to take the product to the next level and ensure that our buildings and customers will always have the latest and greatest technological advances,” said Scott Rechler, Chairman and CEO of RXR Realty. “Working together with View, we will combine our in-depth knowledge of the space with real-time tenant feedback to keep WorxWell on the vanguard of creating transformational experiences for our customers and driving the digitization of real estate.”

This transaction follows View’s acquisition earlier this year of IoTium, a leading provider of secure, cloud-managed, software-defined IoT networks. Through these acquisitions, View continues to expand its offerings to provide a full technology stack for smart buildings.

About View
View is the leader in smart building technologies that transform buildings to improve human health and experience, reduce energy consumption and carbon emissions, and generate additional revenue for building owners. View Smart Windows use artificial intelligence to automatically adjust in response to the sun, increasing access to natural light and unobstructed views while eliminating the need for blinds and minimizing heat and glare. Every View installation includes a cloud-connected smart building platform that can easily be extended to reimagine the occupant experience. View is installed and designed into over 90 million square feet of buildings including offices, hospitals, airports, educational facilities, hotels, and multi-family residences. For more information, please visit: www.view.com.

About RXR Realty
Headquartered in New York with a national platform strategy, RXR Realty LLC (“RXR”) is a 500+ person, vertically integrated real estate operating and development company with expertise in a wide array of value creation activities, including ground up real estate development, uncovering value in underperforming properties, repurposing well-located iconic properties, incorporating cutting edge real estate technologies and value-added lending. The RXR platform manages 73 commercial real estate properties and investments with an aggregate gross asset value of $21.0 billion, comprising approximately 26.8 million square feet of commercial properties, a multi-family residential portfolio of approximately 4,200 units under operation or development, and control of development rights for an additional approximately 2,900 multi-family and for sale units as of June 30, 2021. Gross asset value compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage. For more information, please visit: www.rxrrealty.com.

Contacts:

For Investors: 
IR@View.com
Samuel Meehan
408-493-1358

For Media:
Treble
Katie LeChase
view@treblepr.com

FAQ

What is the strategic partnership between View and RXR Realty?

View and RXR Realty have partnered to integrate RXR's WorxWell platform into View's technology stack, enhancing operational capabilities in real estate.

How does the WorxWell platform benefit View's operations?

WorxWell aggregates building data to optimize operations, improve user experiences, and foster health and safety in commercial spaces.

What impact does this partnership have on the smart building industry?

This collaboration is expected to accelerate the digital transformation of real estate by improving energy efficiency and tenant experiences.

How many square feet does WorxWell currently serve?

WorxWell is currently deployed across 25 million square feet of office buildings.

What other acquisitions has View made to enhance its technology stack?

Earlier this year, View acquired IoTium to expand its offerings in secure, cloud-managed IoT networks.