Billionaire Steve Schwarzman is putting his personal brand on yet another recognisable building.
This time, it’s not Chicago’s Willis Tower, and it’s not through a billion-dollar deal, a rarity for the head of Blackstone Group as of late.
Schwarzman is ponying up $US150 million of his own money to build a new campus center at Yale University, where he is an alumnus.
It will be called the Schwarzman Center.
It is the second-largest single donation to the university in its history, and will repair Yale’s historic Commons and Memorial Hall, which are each more than 100 years old.
Schwarzman — and, the private equity firm of which he’s CEO, Blackstone — have substantially increased their presence in the real estate arena in recent years, coming after private equity firms have retreated from big buyouts, to instead focus on real estate transactions.
Along with Blackstone’s ongoing investment in Hilton Hotels Worldwide (the private equity firm is currently in the process of selling down its Hilton stake) and its acquisition of the Willis Tower, Schwarzman and his PE firm have remained busy in recent months within the real estate sector.
Of course, other than the prestige of having his name on Yale’s new cultural center, there will be no financial ROI for the Blackstone CEO this time around.
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