Blackstone taps Katie Keenan to lead BREIT after Midtown shooting
Blackstone has chosen Katie Keenan to lead their $53 billion real estate income trust BREIT after the tragic death of executive Wesley LePatner in a July shooting at the firm's Park Avenue headquarters.
Two months after the tragic death of Blackstone executive Wesley LePatner, who was killed in a July shooting at the firm's Park Avenue headquarters, Blackstone has tapped Katie Keenan to lead its $53 billion real estate income trust BREIT. Keenan, 41, will also take over as global head of "core-plus" real estate, overseeing the less risky, lower-return slice of Blackstone's $325 billion property portfolio, the Wall Street Journal reported.
Keenan currently serves as the head of Blackstone Mortgage Trust, the firm's publicly traded commercial real estate lending arm, and co-leads its $77 billion debt business. Tim Johnson, Blackstone's global real estate debt chief, will now serve as the sole leader of the debt business.
While Keenan's promotion to lead BREIT is seen as a natural progression due to her extensive experience in the debt business, some industry experts have raised concerns about potential conflicts of interest. Blackstone's debt business, which Keenan helped build, often provides financing to its own real estate deals, raising questions about the impartiality of decision-making within the firm.
"It's definitely an eyebrow-raiser," said one industry source. "You have to wonder if she'll be able to fully divest from her previous responsibilities and make unbiased decisions for BREIT."
Others have pointed out that Keenan's new role may be a strategic move by Blackstone to consolidate power and avoid any future power struggles within the firm. "It's a smart move on Blackstone's part to put someone they trust and who knows the business in a