A few months after the CEO of its leading commercial real estate fund was gunned down in a tragic shooting incident, Blackstone has appointed a new executive to step into the role.
Blackstone announced the appointment Katie Keenan as chief executive officer of Blackstone Real Estate Income Trust on Friday, marking a significant leadership transition at one of the world’s largest real estate investment managers.
The move comes after the tragic death of Wesley LePatner, who was killed in a mass shooting at the firm’s Manhattan headquarters in late July. LePatner had led the $53 billion BREIT fund and the firm’s core-plus real estate division, a key segment for Blackstone’s business with affluent investors.
Keenan, a longtime Blackstone executive, will also take on the role of global head of Core+ real estate, overseeing a portfolio that spans logistics, data centers, residential, office, and hospitality assets.
The leadership change follows a period of shock and mourning at Blackstone. LePatner, 43, was among four people killed when a gunman opened fire at 345 Park Avenue, a building that houses several major companies including Blackstone, KPMG, and the National Football League. The shooter, who authorities say was targeting another tenant, also killed a police officer before taking his own life.
“Words cannot express the devastation we feel. Wesley was a beloved member of the Blackstone family and will be sorely missed,” the firm said in a statement to Bloomberg at the time, describing her as “brilliant, passionate, warm, generous and deeply respected within our firm and beyond.”
Keenan, 41, has been with Blackstone since 2012 and previously served as CEO of Blackstone Mortgage Trust and co-chief investment officer of Blackstone Real Estate Debt Strategies. She was close with LePatner and acknowledged the emotional weight of stepping into the role.
“She cared deeply about this business, and I’m going to be doing my best to help honor her legacy,” Keenan said in an interview with the Wall Street Journal.
In her new position, Keenan will be responsible for steering BREIT through a real estate market that has seen both volatility and signs of recovery.
The fund, launched in 2017, invests in sectors such as housing, data centers, and warehouses. As noted by the Journal, BREIT has delivered a 9.2% annualized net return on Class I shares since inception, although recent years have brought challenges as rising interest rates and property value declines led to increased redemption requests from investors.
Over the past three years, BREIT’s annualized return was 1.7%, but the fund has posted eight consecutive months of positive performance and recently recorded its strongest fundraising quarter in two and a half years, with $1.1 billion in new capital.
Blackstone executives say the commercial real estate market is showing signs of stabilization, with construction starts down and debt markets opening up.
“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 in the company’s official announcement.
Alongside Keenan's appointment as global head of Core+ real estate, Blackstone announced Friday that Tim Johnson, previously global head of Blackstone Real Estate Debt Strategies, will succeed Keenan as CEO of Blackstone Mortgage Trust.
Zaneta Koplewicz, who currently serves as BREIT head of shareholder relations, has been assigned co-president and director of BREIT alongside AJ Argawal, who's currently co-president. Rob Harper, who was assigned as interim CEO, will be reinstated to his long-time role as BREIT head of asset management.
All leadership changes are set to take effect November 10, with Keenan’s appointment as global head of Core+ real estate effective immediately.
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