[8] In 1980, Balazs was hired by David Garth Associates to serve as Press Secretary to Bess Myerson, a Democratic candidate for Senator from New York State.

The biotechnology company developed six hyaluronan products before it was sold in 2000 to Genzyme for an estimated $738 million.

[15][16] Balazs subsequently opened and operated five Standard hotels: in Hollywood, Downtown Los Angeles, Miami, and two in New York City, before selling his interests in the real estate, and in the management company in 2017.

[22] In 2007, Balazs began a collaboration with Wölffer Estate Vineyard on Long Island to create his own vintage of rosé[clarification needed].

[28] Balazs has also been involved in residential real estate as the developer of 15 William, condominium in New York City's Financial District.

In June 2021, Balazs reportedly sold his four-bedroom, 4,200-square-foot Soho loft property on the 10th-floor at the New Museum Building at 158 Mercer St.

[31] He has served on the boards of the New York Public Theater and the Wolfsonian Museum affiliated with Florida International University.

[36] In 2017, the New York Times reported allegations that Balazs had "groped" Amanda Anka in London at a dinner hosted by him for Jennifer Aniston and Justin Theroux,[37] a pattern of sexual misconduct dating back to at least the early 1990s.

[38] A statement issued by Amanda Anka and her husband, Jason Bateman, said that "his actions were dealt with at the time.