Blackstone’s Global Real Estate Co-Head Resigns
Blackstone, the world’s largest property firm, is witnessing a leadership change in its real estate division. Kathleen McCarthy, the global co-head of the company’s real estate business, has announced she will resign by the end of the year. After a significant 15-year career at Blackstone, she plans to pursue new opportunities.
Transition in Leadership
Following McCarthy’s departure, Nadeem Meghji will step up as the sole global head of Blackstone’s real estate practice. He has served as co-head for about two years and has been with the company for nearly 18 years. Meghji previously oversaw Blackstone’s real estate operations in the Americas for seven years.
Background and Achievements
Kathleen McCarthy has played a crucial role in leading Blackstone’s real estate operations, managing $320 billion in assets alongside Meghji for the past seven years. Before this, she served as the global chief operating officer of real estate for just over four years.
- Kathleen McCarthy: Departing after 15 years; led global real estate for eight years.
- Nadeem Meghji: Will assume full leadership; has been with Blackstone for nearly 18 years.
- Real Estate Portfolio: 74% of investments in logistics, rental housing, and data centers.
- Assets Under Management: $53 billion of dry powder available for investments.
Statements from Leaders
Jon Gray, president and COO of Blackstone, praised McCarthy’s leadership and focus on investors. He emphasized her contributions to the growth of the global real estate business. Meghji acknowledged the privilege of working alongside McCarthy and expressed confidence in the team’s readiness to maintain high performance in the future.
In her farewell remarks, McCarthy highlighted her pride in the growth of Blackstone Real Estate. She noted the firm’s ability to serve a broader client base while achieving strong results and fostering a culture of excellence.
The impending change marks a significant moment for Blackstone as it prepares to maintain its leadership in the global real estate market. With Meghji at the helm, the company is poised to continue its focus on delivering exceptional investment performance.
