K
athleen McCarthy, co‑chief of Blackstone’s global real‑estate division, announced on LinkedIn that she will leave the firm at year‑end. Her departure will leave Nadeem Meghji as the sole global head of real‑estate. McCarthy reflected on a career she described as “fun, challenging, and deeply rewarding,” and expressed pride in the growth and transformation the team achieved.

    McCarthy joined Blackstone 15 years ago from Goldman Sachs’ real‑estate investment unit. During her tenure, the firm’s real‑estate assets expanded from $115 billion to $320 billion. The period encompassed the late‑low‑interest‑rate boom, the COVID‑19 disruption, and the sharp rate‑rise downturn that began in 2022, which saw an unprecedented dip in assets under management for Blackstone.

    She served as chief operating officer until 2018, then became global co‑head alongside investment chief Ken Caplan. When Caplan was promoted to global co‑chief investment officer in 2024, Meghji moved from head of North American real‑estate to partner with McCarthy. Blackstone identified the market bottom in early 2024, and the sector has been recovering slowly. “We expect rates to keep real‑estate values near the bottom, but not a V‑shaped rebound,” McCarthy told Bisnow in March 2024.

    In the nine months to September’s end, Blackstone sold $16.9 billion of real‑estate assets, roughly matching the $16.7 billion sold in the same period last year. McCarthy’s next career step will be closely watched, as several former Blackstone real‑estate leaders launch new ventures. For instance, Chad Pike founded Makarora in 2023, and last month the firm partnered with Ares to take logistics owner Plymouth Industrial private for $2.1 billion.