Blackstone

Blackstone Real Estate is paying $86M for Ken Griffin's 125 Worth Avenue building in Palm Beach, betting on demand in the luxury retail corridor.

Six MOUs, no signed checks yet, and a developer's cost of capital just moved anyway.

Blackstone sold a 28-building, 1.9M-sf Sacramento industrial park for about $245M, a basis well under its own $169/sf print nine days earlier.

The joint venture's own release confirms the price, footprint and lender group. Our math on that release puts the basis at about $169 a square foot.

The interconnection queue is a two-to-four-year tax on a site. The biggest name in private credit just financed the detour around it.

Trophy-hotel debt is thawing for well-capitalized sponsors, and a lender is willing to underwrite Brickell room rates again.

Now that the ban is real, the question is how capital routes around it, and the widest lane points straight at build-to-rent.