Blackstone, a leading global investment firm, has announced a series of significant leadership appointments within its real estate division. The changes affect its Blackstone Real Estate Income Trust (BREIT) and Blackstone Mortgage Trust (BXMT), positioning new executives to guide these key businesses.
The appointments follow the tragic passing of Wesley M. LePatner on July 28. The new leadership structure aims to ensure continuity and leverage the firm's deep bench of experienced professionals to navigate the current real estate market.
Key Takeaways
- Katie Keenan has been named the new CEO and a director of Blackstone Real Estate Income Trust (BREIT).
- Tim Johnson will succeed Keenan as the CEO of Blackstone Mortgage Trust (BXMT).
- The leadership shuffle includes promotions for Zaneta Koplewicz and Austin Peña in BREIT and BXMT, respectively.
- These changes are set to take effect on November 10, 2025, with one immediate appointment for Keenan.
New Leadership at Blackstone Real Estate Income Trust (BREIT)
Blackstone has appointed Katie Keenan as the new Chief Executive Officer and a director of Blackstone Real Estate Income Trust (BREIT). In addition to her role at BREIT, Keenan will immediately assume the position of Global Head of the Core+ Real Estate business.
Keenan has been with Blackstone since 2012 and has held several senior roles. Most recently, she served as the Global Co-Chief Investment Officer of Blackstone Real Estate Debt Strategies (BREDS) and CEO of Blackstone Mortgage Trust (BXMT).
In a statement, Keenan highlighted the strength of BREIT's portfolio. She noted that approximately 90% of its assets are concentrated in sectors poised for growth, such as data centers.
"BREIT is incredibly well-positioned and I am looking forward to working with the team to capitalize on the ongoing real estate recovery, with new supply falling sharply, the cost of debt capital coming down, and transaction activity picking up,” Keenan said.
Supporting Roles and Transitions
Supporting Keenan in BREIT's leadership will be Zaneta Koplewicz, who has been promoted to Co-President and Director. Koplewicz, previously the Head of Shareholder Relations for BREIT, will serve alongside current Co-President A.J. Agarwal.
Rob Harper, who served as Interim CEO of BREIT, will return to his long-standing position as Head of Asset Management for the trust.
About Blackstone Real Estate
Founded in 1991, Blackstone's real estate business is a global leader in the sector. The division manages approximately $325 billion in investor capital, making it one of the largest owners of commercial property worldwide.
Changes at Blackstone Mortgage Trust (BXMT)
With Katie Keenan moving to lead BREIT, Tim Johnson has been appointed to succeed her as the Chief Executive Officer of Blackstone Mortgage Trust (BXMT). BXMT is a publicly-traded commercial mortgage real estate investment trust managed by a Blackstone subsidiary.
Johnson is a long-time Blackstone executive, having joined the firm in 2011. He has been closely involved with BXMT for over a decade and will continue in his roles as the Global Head of BREDS and Chair of BXMT’s Board.
Johnson expressed confidence in BXMT's future, pointing to its recent performance.
"I am looking forward to building on BXMT’s momentum, including $2.6 billion in new investments last quarter and a nearly 20% YTD total return," Johnson stated. "The entire BREDS platform, which includes BXMT, has been incredibly active capturing this real estate credit environment, having deployed $38 billion since the beginning of 2024."
New President for BXMT
Further strengthening the BXMT leadership team, Austin Peña has been promoted to President and Director. Previously the Executive Vice-President of Investments, Peña will continue to oversee the company’s investment activities, capital allocation, and balance sheet strategy.
BREDS Platform Growth
Under the leadership of executives like Katie Keenan and Tim Johnson, the Blackstone Real Estate Debt Strategies (BREDS) platform has grown significantly. It now manages an impressive $77 billion in assets.
A Resilient Team and a Forward-Looking Strategy
The appointments come after a challenging period for the firm. Nadeem Meghji and Kathleen McCarthy, the Global Co-Heads of Blackstone Real Estate, acknowledged the team's strength in a joint statement.
"The resilience demonstrated by our team in recent weeks has been nothing short of extraordinary," they said. "We are fortunate to have a deep bench of talented colleagues with a relentless focus on delivering for our investors."
They emphasized that the experience of both Keenan and Johnson will be crucial for driving performance across both BREIT and BXMT.
Effective Dates and Implementation
The majority of these leadership changes will become effective on November 10, 2025. However, Keenan's appointment as the Global Head of Core+ Real Estate is effective immediately, signaling a swift transition in that part of the business.
The strategic appointments are designed to leverage internal talent to maintain momentum and capitalize on emerging opportunities in the global real estate market. The firm appears focused on sectors driven by long-term trends, positioning itself for what it sees as a recovery period in the property sector.
