Blackstone Real Estate co-head Kathleen McCarthy to depart after 15 years

One of the most powerful figures in global real estate investing is leaving the building. 

Blackstone’s Kathleen McCarthy, who helped grow the firm’s property arm into a $320 billion behemoth, will depart by year’s end after 15 years with the company, Bisnow reported. McCarthy, 47, has served since 2018 as global co-head of Blackstone Real Estate — the world’s largest private property investor — and will step down to “explore new opportunities,” the company said. Her co-lead, Nadeem Meghji, 45, will take over as sole head of the business.

McCarthy joined the firm in 2008 from Goldman Sachs. Since then, Blackstone’s assets under management nearly tripled from $115 billion to $320 billion. That growth occurred during multiple real estate cycles: the post-financial crisis boom, the pandemic disruption and the higher-rate slump that followed in 2022. 

She wrote in a LinkedIn post that leading the firm’s real estate arm was “one of the great privileges” of her career.

Before taking the top job in 2018, McCarthy served as chief operating officer of Blackstone’s real estate division. She stepped up alongside Ken Caplan when longtime chief Jon Gray became Blackstone’s president. After Caplan was promoted to global co-CIO last year, Meghji — then head of North American real estate — was elevated to share leadership with McCarthy.

The timing of McCarthy’s departure comes as Blackstone pivots back to deal mode, having sold $16.9 billion worth of real estate in the first nine months of 2025, roughly in line with last year’s pace. 

It’s unclear what McCarthy’s next move will be. Blackstone veterans have made waves after leaving the firm. Former real estate executive Chad Pike launched fund manager Makarora in 2023, which last month agreed to buy logistics REIT Plymouth Industrial for $2.1 billion alongside Ares. 

— Eric Weilbacher