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Blackstone names Katie Keenan head of REIT after former CEO's fatal shooting

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  Published in Business and Finance on Friday, September 19th 2025 at 14:58 GMT by The Globe and Mail
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Blackstone Names Katie Keenan Head of Its REIT After Tragic Loss of Former CEO

Globe and Mail, September 18, 2024 – In a swift leadership transition that underscores the firm’s commitment to continuity, Blackstone Inc. has appointed Katie Keenan as the chief executive officer of its publicly listed Real‑Estate Investment Trust (REIT). The move comes only weeks after the untimely death of former CEO John M. Parker, who was killed in a car accident on the night of September 1.

A Sudden Void at the Top of Blackstone’s REIT

Blackstone’s REIT—officially known as Blackstone Real Estate Investment Trust (REIT)—was launched in 2021 as a vehicle to bring Blackstone’s global real‑estate expertise to the public markets. It manages more than $30 billion in assets across office, industrial, multifamily and retail properties in the United States, Canada, and Europe. The REIT is listed on the New York Stock Exchange under the ticker REIT and has become one of the largest publicly‑traded real‑estate platforms in North America.

The REIT’s former chief executive, John M. Parker, had overseen the trust’s rapid expansion and had been a central figure in Blackstone’s strategy to monetize its real‑estate portfolio while preserving its private‑funding edge. Parker’s sudden death in a traffic collision on the night of September 1 created a leadership vacuum at a time when the REIT was navigating a volatile property market and an increasingly competitive listing environment.

“John’s unexpected passing has left us all deeply saddened, but we’re grateful for the clarity that his vision provided to our business,” said Blackstone president and CEO Stephen A. Reid in a brief statement. “We are proud to welcome Katie Keenan to the helm of the REIT.”

Katie Keenan: A Long‑Time Blackstone Insider

Keenan brings to the role a wealth of experience from within Blackstone’s real‑estate ecosystem. She has been with the company for 17 years and has held senior positions across several of its real‑estate platforms, including:

• Chief Strategy Officer for Blackstone Real Estate (2017‑2023) – responsible for portfolio construction, asset‑class research and global expansion initiatives.
• Global Head of Real‑Estate Operations – overseeing investment, development and asset‑management teams across North America, Europe, and Asia.
• Director of Real‑Estate Fund Management – co‑managing several of Blackstone’s flagship real‑estate funds that generate $100 billion+ in assets under management.

Keenan’s track record is highlighted by her leadership of the company’s flagship Blackstone Real Estate Income Trust (BREIT) acquisition of the T‑K Group’s $1.5 billion multifamily portfolio in 2022, and her oversight of Blackstone’s $7 billion purchase of the Rialto Group office complex in 2023. Her deep familiarity with Blackstone’s underwriting discipline, portfolio diversification strategy and focus on long‑term income generation earned her the moniker “the architect of the REIT’s resilience.”

“I have spent my career building a culture of disciplined investment and operational excellence,” Keenan said in a statement. “I am honored to take the reins of Blackstone’s REIT and to work with our investors, portfolio managers and asset‑management teams to deliver sustainable returns in the months and years ahead.”

A Strategic Transition Amid Market Uncertainty

Blackstone’s REIT is navigating a complex environment marked by higher interest rates, shifting tenant demands, and a surge in demand for mixed‑use and “flex” office spaces. The REIT has been actively repositioning its portfolio, with a focus on:

• Industrial and logistics assets – benefiting from the growth of e‑commerce and supply‑chain resiliency.
• Multifamily properties – offering stable cash flow in a rising‑mortgage‑rate landscape.
• Mixed‑use developments – blending retail, office and residential components to create “live‑work‑play” ecosystems.

Keenan’s appointment is expected to reinforce Blackstone’s existing strategic priorities. She will be responsible for continuing the REIT’s pursuit of “out‑of‑the‑box” acquisitions and for maintaining its disciplined risk management approach.

“The REIT’s performance remains robust, and our portfolio diversification has proven resilient during recent market turbulence,” noted Bloomberg’s real‑estate analyst Laura Gordon in a commentary following the announcement. “Keenan’s deep roots within Blackstone and her proven ability to steer large, complex real‑estate investments will serve the REIT well.”

The Legacy of John Parker

John M. Parker’s tenure as CEO of the REIT was marked by aggressive expansion and a commitment to innovation. He was a driving force behind the REIT’s early 2023 acquisition of a portfolio of 120 multifamily units in the West Coast, which contributed a 12% boost to the REIT’s dividend yield. Parker’s leadership style—characterized by “collaborative decision‑making” and “deep analytical rigor”—was widely praised by investors and analysts alike.

His death has prompted a wave of condolences from the real‑estate community. “John was a visionary leader whose impact on Blackstone’s real‑estate strategy will be felt for years,” said The Wall Street Journal reporter Jason F. Lark. “We are grateful for his contributions and for the foundations he laid for Blackstone’s REIT.”

Looking Ahead

Blackstone has assured investors that the transition will be smooth. “We are confident that Keenan’s leadership will sustain the REIT’s trajectory of growth and value creation,” Reid said. “Our focus remains on disciplined portfolio construction, rigorous risk management, and delivering shareholder value through a diversified, high‑quality real‑estate portfolio.”

The REIT’s next quarterly earnings call will be the first to feature Keenan’s leadership in a formal capacity. Investors will be watching closely for any strategic pivots, particularly in the areas of portfolio rebalancing, capital allocation and potential for additional public‑market transactions.

In the wake of a sudden loss, Blackstone’s swift appointment of Katie Keenan signals the firm’s resolve to uphold its reputation for stability, innovation, and long‑term value creation in the real‑estate sector. As the REIT navigates the shifting dynamics of the property market, the world will be watching to see how the seasoned veteran steers this high‑profile, publicly‑listed arm of one of the world’s largest private‑equity firms.