Stephen A. Schwarzman Of Blackstone Acquires Mixed-use Property From Ken Griffin For $125M In Palm Beach
125 Worth Avenue
$86,000,000
$1,720/SF
Building Size
50,000 SF
Asset Type
Mixed-use
Closing
Aug 12, 2026
About this deal
AI
The asset involved in the transaction is a mixed-use property located at 125 Worth Avenue in Palm Beach, Florida. The property encompasses approximately 50,000 square feet and was sold for a transaction amount of $125,000,000, which translates to a price per square foot of $2,500.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $125,000,000
- Buyer: Stephen A. Schwarzman - Blackstone
- Seller: Ken Griffin - Citadel
- Square Footage: 50,000
- Price per Square Foot: $2,500
Ken Griffin purchased the property for $83 million in 2023. The transaction indicates that Blackstone Real Estate plans to renovate the retail and office space as part of its broader strategy targeting high-end global retail corridors.
Players
Palm Beach Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93