By Dawn Lim
Blackstone Inc. real estate veteran Bill Stein, who played a role in shaping major investments in its $335 billion business, is retiring after nearly three decades at the firm.
Stein, a senior managing director, has been involved in major Blackstone holdings including Hilton Worldwide, the Cosmopolitan of Las Vegas casino resort and single-family homeowner Invitation Homes. He served on the boards of companies including Great Wolf Lodge and Extended Stay America.
Stein has been reducing his responsibilities over the years. After running asset management in the real estate division, Stein left that role in 2018. That group is responsible for overseeing all investments within the portfolio. That year, co-head of asset management Gio Cutaia was promoted to sole head of that function. More recently, Stein has been talking about his exit.
“It has been an incredible honor to work with Bill and call him a friend for nearly 30 years,” Jon Gray, Blackstone’s chairman and former head of real estate at the firm, said in a statement. “All of us at Blackstone are incredibly grateful for his immense contributions.”
Blackstone’s real estate division has grown over the years to become the firm’s largest business, with approximately $1.1 trillion in assets.
This year, Nadeem Meghji, Head of Real Estate for the Americas since 2017, was promoted to Co-Head of Real Estate alongside Kathleen McCarthy, Co-Head of Commercial since 2018.
Frank Cohen, chairman of Blackstone’s core-plus real estate division, which seeks to generate stable returns with long-term bets, is also leaving Blackstone. He will step down from his role as chief executive of Blackstone’s real estate fund for wealthy individuals, Blackstone Real Estate Investment Trust, in early 2025.
Read more: Blackstone’s BREIT names Wesley LePatner as CEO, replacing Cohen
Wesley LePatner, who heads the core-plus real estate business and joined Blackstone in 2014, will assume that role at BREIT.
First published: September 17, 2024 | 00:03 IS
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