Fifth Wall moves headquarters back to Beverly Hills after expansion

Fifth Wall has moved its headquarters back to Beverly Hills.

The venture capital firm, which focuses on real estate technology, relocated from New York in 2023 and 2024. Founder and CEO Brendan Wallace said the move followed a period of remote work and office expansion that began during the pandemic. The firm was founded in Los Angeles and operated there for its first four years.

Wallace said the company initially embraced remote work in early 2020. He reported that the firm invested effectively and attracted new investors while operating remotely. The firm used that period to open offices in New York, San Francisco, London, Singapore, and Abu Dhabi. It also launched thematic funds focused on energy, sustainability, and Europe during that time.

Wallace said he observed that office work helped build company culture and entrepreneurial energy. He noted that maintaining that culture across multiple locations proved difficult. The firm brought its most experienced investors back to Los Angeles because that office generated strong results. Eight of the firm’s 10 initial public offerings were originated in Los Angeles. Wallace said the highest-performing investors also came from that office.

Fifth Wall has $3.1 billion in commitments and assets under management. The firm has 115 strategic partners and has supported roughly 170 companies. It raised $212 million for its first fund, which Wallace described as the first institutional capital raised specifically for real estate technology. Investors in the firm include Kilroy, Hudson Pacific, Macerich, CBRE, and Public Storage.

The firm invests non-controlling minority stakes in technology businesses. Investment checks range from $500,000 for seed rounds to $10 million for Series A rounds. It also makes larger investments, such as a $135 million stake in Atoms Inc. Atoms is a ghost kitchen startup founded by Travis Kalanick. Atoms raised $1.7 billion in a funding round this summer.

Wallace said the firm exits investments through initial public offerings or company sales. It typically exits between six months and three years after a company goes public. The firm has had 10 IPOs, including BitGo, Lime, Opendoor, ServiceTitan, and Procore. Wallace said the IPO market is currently backlogged because large companies like SpaceX and Anthropic are preparing for offerings. That volume forces companies in the $5 billion to $20 billion range to wait.

Wallace said the firm is now building its own companies at the intersection of real estate, capital markets, and AI. It is developing two companies in that space. He identified AI, autonomy, and robotics as trends that will create new real estate asset classes. The firm aims to build companies around those new categories.