Blackstone has named Katie Keenan, a veteran executive with over a decade at the firm, as the new chief executive of its influential real estate income trust (BREIT). The appointment follows the tragic death of her predecessor, Wesley LePatner, who was killed in a shooting in July.
Keenan will also serve as the global head of the company's Core+ business, a role that is effective immediately. Her promotion is part of a broader leadership shuffle within Blackstone's extensive real estate division.
Key Takeaways
- Katie Keenan has been promoted to CEO of Blackstone Real Estate Income Trust (BREIT) and global head of the Core+ business.
- She succeeds Wesley LePatner, who died in a shooting incident in July at the company's New York headquarters.
- Authorities confirmed that neither LePatner nor Blackstone was the intended target of the attack.
- Tim Johnson will take over Keenan's former role in real estate debt strategies.
- Zaneta Koplewicz has been appointed co-president and director of BREIT.
New Leadership in Real Estate Division
Blackstone, the world's largest alternative asset manager, officially announced the leadership changes on Friday. Katie Keenan is set to assume the role of CEO for the Blackstone Real Estate Income Trust on November 10. Her appointment as global head of the Core+ business is already in effect.
Keenan is a long-standing member of the Blackstone team, having been with the company for more than 10 years. Her previous responsibilities included serving as the global co-chief investment officer for real estate debt strategies and as CEO of Blackstone Mortgage Trust.
Understanding Blackstone's Real Estate Arms
Blackstone Real Estate Income Trust (BREIT) is a non-traded real estate investment trust that acquires income-generating properties across various sectors. The Core+ business focuses on long-term, stable real estate investments, typically with lower risk profiles.
Transition Follows Tragic Incident
The leadership transition comes after the death of Wesley LePatner, who was among four people killed during a shooting at Blackstone's headquarters on July. The building, located at 345 Park Avenue in New York City, also houses other major tenants.
Law enforcement officials have stated that the incident was not directed at Blackstone or its employees. The gunman, identified as 27-year-old Shane Tamura of Las Vegas, was reportedly targeting the National Football League (NFL), which also has offices in the building.
The attack resulted in the deaths of three other individuals, including a New York Police Department officer. Tamura later died from a self-inflicted gunshot wound, according to authorities.
Broader Team Restructuring
Keenan's promotion has created a series of consequential moves within Blackstone's real estate leadership. The firm announced that Tim Johnson will step into Keenan's previous role, taking charge of real estate debt strategies.
In another significant appointment, Zaneta Koplewicz has been named co-president and a director of the real estate income trust, where she will work alongside Keenan. These appointments are designed to ensure continuity and stability within one of the firm's most critical business units.
Blackstone's Market Position
As the largest alternative asset manager globally, Blackstone's real estate portfolio is one of the most substantial in the world. The firm's decisions and leadership appointments often have a significant impact on commercial and residential property markets.
Profile of the New Leader
Katie Keenan's career at Blackstone has been marked by a steady rise through its real estate finance divisions. Her experience as CEO of Blackstone Mortgage Trust (BXMT), a publicly traded real estate finance company, provided her with significant leadership experience in a complex market.
In her new capacity, she will oversee a massive portfolio of stabilized, income-producing real estate assets. Her dual leadership of BREIT and the Core+ business places her at the center of Blackstone's long-term real estate investment strategy.
The firm has expressed confidence in her ability to guide these key platforms. Her deep knowledge of both real estate debt and equity markets is considered a major asset as the company navigates the current economic environment.
This series of appointments aims to solidify the leadership structure of Blackstone's real estate group for the foreseeable future, ensuring that its key investment vehicles remain under experienced management.
