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Breaking News: Blackstone Hits $1 Trillion in Valuation

Why That’s Good for Miami

“Welcome to the four-comma club, Blackstone,” writes today’s Insider. “The firm has reached rarified air, as it now manages more than $1 trillion in assets.”

(We like that turn of phrase, as the newsletter you’re reading is called Rarefied.)

Stephen Schwarzman, the company’s 76-year-old chairman, CEO and co-founder called the $1 trillion benchmark “significant in many ways, including for me personally.”

Blackstone (which deals in private equity, credit and real estate, among other financial sectors) made headlines during the pandemic as one of the household-name firms that moved or expanded into Miami, buying up big-time downtown real estate, including two towers in 2021 (to the tune of $230 million). Blackstone’s success bodes well for the redevelopment of downtown. In addition, this year Blackstone picked up a Miami industrial site for $16 million.

In the philanthropic front, in 2022 Blackstone committed $5 million to fund one Historically Black College and University (HBCU) and three Hispanic Serving Institutions (HSIs) in the state, including Florida International University.

Photo credit: Steele Rutherford

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.