Gross tracked value
$17.1B
Recorded debt
$9.7B
Markets
9
Ownership-chain cross-check
Chain-entity viewTagged portfolio: 11 assets. Blackstone Real Estate appears in the recorded ownership chains of 4 assets.
In recorded chains, not tagged:
Tagged, but the recorded chain names other entities (or none):
Track record
sourcedNo GLEIF-verified legal-entity record conservatively matches this name.
OFAC SDN screen: no name match.verify at OFAC
Disclosed deals
5
Disclosed volume
$6.6B
Span
2024–2025
Sides
0 bought · 0 sold · 5 owner
| Asset · deal | Role | Disclosed value | Year | Source |
|---|---|---|---|---|
| HOTELDELHotel del Coronado | Owner of record | $1.7B | 2025 | Commercial Real Estate Direct |
| 1345AVEN1345 Avenue of the Americas | Owner of record | $1.4B | 2025 | Fisher Brothers / Business Wire press release |
| CENTREDACentre d'Affaires Paris-Trocadero | Owner of record | $819M | 2025 | INREV |
| 300 Howard St. (formerly 199 Fremont) | Owner of record | $111M | 2025 | The San Francisco Standard |
| Tokyo Garden Terrace Kioicho | Owner of record | $2.6B | 2024 | Blackstone (press release) |
Disclosed transactions only — the record's own wording sets the side; “owner of record” means the deal names Blackstone Real Estate as the resulting owner without stating buyer or seller. Partial-interest deals show the stated gross valuation. Fund vintage, AUM and IRR are private figures outside the public record and are not shown.
Exposure
modeled where undisclosedLargest position
21%
Top market
42%
Top class
50%
Largest: Bellagio Las Vegas ($4.3B) · top market Las Vegas Strip · top class Hotel. Shares of $20.0B across 12 tracked assets — full asset values, not this entity’s share; 7 of 12 carry a disclosed deal value, the rest are modeled.
Counterparty concentration
sourcedLenders across the recorded debt of Blackstone Real Estate’s tracked assets — outstanding, publicly recorded tranches plus SEC ABS-EE CMBS trust notes.
Counterparties
8
Recorded principal
$10.2B
CMBS trust notes
$70M
| Counterparty | Record | Assets | Principal | Source |
|---|---|---|---|---|
| recorded debt | 1 | $3.1B | filing | |
| recorded debt | 1 | $3.0B | filing | |
| recorded debt | 1 | $1.3B | filing | |
| recorded debt | 1 | $850M | filing | |
| recorded debt | 1 | $800M | filing | |
| recorded debt | 1 | $536M | filing | |
| recorded debt | 1 | $530M | filing | |
| CMBS trust | 1 | $70M | filing |
CMBS principal is the cited trust's pari-passu note only — a slice of a larger whole loan, not the full mortgage on the building. A trust note can also be a slice of a loan already recorded above, so the two totals are shown separately, never summed. Tranches whose lender is not publicly named count toward principal but are never listed as a counterparty.
Cross-collateral signal
No single recorded lender spans multiple assets of this entity.
Exposure by market
Las Vegas Strip$8.3B · 49%
Chicago Loop$2.6B · 15%
Coronado$1.7B · 10%
New York$1.4B · 8%
Paris, France$819M · 5%
Ashburn$779M · 5%
Princeton$515M · 3%
Fort Worth$481M · 3%
Cambridge, Massachusetts$455M · 3%
Class mix
Hotel$10.1B · 59%
Office$4.0B · 24%
Data Center$1.8B · 10%
Mixed-use$819M · 5%
Life Science$455M · 3%
NAV bridgeLocked · Analyst
Gross value → recorded debt → implied equity across the holdings.
Debt maturity wallLocked · Analyst
Recorded principal bucketed by maturity year across the holdings.
Tenant concentration
Named tenants appearing across the tracked holdings — roster samples, not full rent rolls.
Willis Towers Watson (namesake tenant)Adtalem Global EducationAon plcBlue Cross Blue Shield AssociationKraft Heinz CompanyMGM Resorts International (operates Bellagio under a long-term triple-net lease)MGM Resorts International (sole operating tenant/lessee of Aria & Vdara under a triple-net lease)Paul, Weiss, Rifkind, Wharton & Garrison LLP
Holdings
| Trust | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BELLAGIOBellagio Las VegasLas Vegas Strip · Hotel · 6.10% cap · +3.7% YTD | Las Vegas Strip | Hotel | $4.25B | 6.10% | $885 | $259M | 4.80M | +3.7% | partial, 3 sources | |
| ARIARESOAria Resort & CasinoLas Vegas Strip · Hotel · 6.05% cap · +3.0% YTD | Las Vegas Strip | Hotel | $4.10B | 6.05% | $695 | $248M | 5.90M | +3.0% | partial, 3 sources | |
| WILLISTOWillis TowerChicago Loop · Office · 5.14% cap · +3.1% YTD | Chicago Loop | Office | $1.85B | 5.14% | $411 | $95M | 4.50M | +3.1% | partial, 3 sources | |
| HOTELDELHotel del CoronadoCoronado · Hotel · 5.05% cap · +0.0% YTD | Coronado | Hotel | $1.70B | 5.05% | — | $86M | — | +0.0% | verified, 4 sources | |
| 1345AVEN1345 Avenue of the AmericasNew York · Office · 5.00% cap · +0.0% YTD | New York | Office | $1.40B | 5.00% | $737 | $70M | 1.90M | +0.0% | verified, 4 sources | |
| CENTREDACentre d'Affaires Paris-TrocaderoParis, France · Mixed-use · 4.85% cap · +0.0% YTD | Paris, France | Mixed-use | $819M | 4.85% | — | $40M | — | +0.0% | verified, 3 sources | |
| AONCENTEAon Center ChicagoChicago Loop · Office · 5.85% cap · -3.7% YTD | Chicago Loop | Office | $780M | 5.85% | $287 | $46M | 2.72M | -3.7% | partial, 3 sources | |
| QTSASHBUQTS Ashburn Data CenterAshburn · Data Center · 5.93% cap · +0.0% YTD | Ashburn | Data Center | $779M | 5.93% | — | $46M | — | +0.0% | verified, 4 sources | |
| QTSPRINCQTS Princeton Data CenterPrinceton · Data Center · 5.93% cap · +0.0% YTD | Princeton | Data Center | $515M | 5.93% | — | $31M | — | +0.0% | verified, 2 sources | |
| QTSFORTWQTS Fort Worth Data CenterFort Worth · Data Center · 5.93% cap · +0.0% YTD | Fort Worth | Data Center | $481M | 5.93% | — | $29M | — | +0.0% | verified, 2 sources | |
| 10BINNEY10 Binney Street (BioMed)Cambridge, Massachusetts · Life Science · 4.85% cap · +3.4% YTD | Cambridge, Massachusetts | Life Science | $455M | 4.85% | $1,655 | $22M | 0.28M | +3.4% | partial, 1 sources |
YTD, cap rates and $/SF (tracked value ÷ area) are modeled estimates — the trust dot counts actual sourced categories per asset.