Blackstone beat estimates for fourth-quarter profit on Thursday, driven by a pickup in dealmaking, while executives at the world's largest alternative asset manager signaled that the troubled commercial real estate sector was stabilizing.

(Reuters) - Blackstone trounced Wall Street estimates for fourth-quarter profit on Thursday, fueled by a pickup in dealmaking, while the assets under management at the world's largest alternative investment firm reached a record $1.13 trillion.

Blackstone (BX), the world’s largest alternative investment firm, has delivered “one of the best quarters in our history” as the improved

Blackstone is in talks to buy a sizeable stake in a New York City 50-story office building from institutional investors of JPMorgan Asset Management, two sources familiar with the matter said on Thursday.

Blackstone Inc. is nearing an agreement to purchase a Midtown Manhattan tower, which would mark a return to New York office dealmaking for the world’s biggest real estate investor.

Blackstone (NYSE:BX) is close to an agreement to acquire 1345 Avenue of the Americas, a 50-story midtown Manhattan office tower with 1.9M square feet of space, according to a media report on Thursday.

Blackstone said on Thursday its massive investments in data centers would not be undermined by the low-cost artificial intelligence models from China's DeepSeek, as the need for physical infrastructure was still vital for AI.