Blackstone Is Now the Largest Real Estate Owner in the World, CEO Says
Since its 2007 IPO, Blackstone has nearly quadrupled in size. In that time, its real estate division has exploded from a $17.7B business to one that manages a $100B portfolio.
So Steve Schwarzman (pictured) can comfortably take his seat in the Willis Tower—once the tallest building in the US—and enjoy his view from the top.
Schwarzman told Business Insider that his company's performance record puts them in a league of its own, with compounded returns of around 18% after fees and hardly any losses of any type.
Since 2009 the firm has dropped more than $50B on real estate deals. Earlier this year, it closed a real estate fund worth roughly $16B. As for the future, Blackstone hopes to double in size. [BI]