Blackstone poised to sell real estate portfolio; Schwartzman says firm will “crush it”

New York /
Jul.July 11, 2012 11:00 AM

One of the largest players in U.S. real estate is prepping to sell its office portfolio, the Wall Street Journal reported. The private-equity firm Blackstone Group’s move to sell its $22 billion worth of office assets may signal the market’s recovery.

The exit could come as early as next year, sources said. Executives are considering selling the real estate as regional portfolios, or listing it as a real estate investment trust. Blackstone’s office properties span 50 million square feet in more than 100 buildings, the Journal said.

The company is very bullish on its success in the forthcoming transactions. “When we exit the real estate, my expectation is that we will really crush it and we will really do extremely well,” Blackstone head Stephen Schwarzman said on a call with analysts earlier this year, according to the Journal. [WSJ]


Related Articles

arrow_forward_ios
A photo illustration of Blackstone's Jon Gray (Getty, Blackstone)
Blackstone ramps up tenant evictions
Blackstone ramps up tenant evictions
Jonathan Gray
Real estate problems drag down Blackstone’s profits
Real estate problems drag down Blackstone’s profits
From left: Blackstone's Nadeem Meghji and Jon Gray (Getty, Blackstone)
University of California commits $500M more to BREIT
University of California commits $500M more to BREIT
Blackstone’s Nadeem Meghji
Blackstone REIT’s latest adversary: tenants
Blackstone REIT’s latest adversary: tenants
Home Partners of America co-founder Bill Young
Home Partners of America cuts workforce
Home Partners of America cuts workforce
Stuyvesant Town and Blackstone president Jonathan Gray (Getty; Blackstone/YouTube)
Here’s what Stuy Town ruling means for rent regulation
Here’s what Stuy Town ruling means for rent regulation
Blackstone's Nadeem Meghji (Blackstone, Getty)
Blackstone: UC investment “changed the narrative” around BREIT
Blackstone: UC investment “changed the narrative” around BREIT
Blackstone's Jonathan Grey and an aerial view of Stuytown (Getty, Alamy)
Stuy Town tenants score major win to keep apartments stabilized
Stuy Town tenants score major win to keep apartments stabilized
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...