Leading global alternative investment manager Blackstone has been reducing the proportion of office assets in its portfolio. Many were surprised at the level of office assets after Blackstone’s most recent earnings announcement. According to Blackstone, offices account for only 2% of their overall real estate portfolio. Meanwhile, Arc Place in Yeoksam-dong, the only office building in Seoul fully owned by Blackstone, was put up for sale. Blackstone invested in this asset in 2016. Blackstone made waves when it opened an office in Korea in March 2022, and many expected it to re-enter the Korean market. Blackstone promoted the sale of Arc Place as it judged it to be […]