Frank Cohen, Blackstone's global head of Core+ Real Estate and chairman and CEO of Blackstone Real Estate Investment Trust, told Nareit the pandemic may have changed many things globally. Blackstone's $1.5 billion purchase of WoodSpring Suites with Starwood Capital Group which followed the duo's $6 billion purchase of Extended Stay America from less than a year earlier captured the trend of more people working remotely from long-term accommodation properties during the pandemic. Indeed, Lawrence J. Ellison, the co-founder, executive chairman and former chief executive of Oracle, collected the second largest payout in the joint study. 2125835000. . And one of its own, Jon Gray, has settled into his role as the president and chief operating officer of the firm, running firmwide meetings and seeking to connect the division with other parts of the company. As the leader of that group, the 45-year-old Pollack oversees Blackstone's debt investments across a wide variety of sectors beyond but including real estate, including consumer finance and transportation. The conclusion of the study was striking: Private equity has the best-paid executives of any major American industry. A handful of recent transactions shows Blackstone's commitment to rental housing. Frank Cohen Global Head of Core+ Real Estate Frank Cohen is a Senior Managing Director in the Real Estate Group and the Global Head of Core+ Real Estate. She is also an investment-committee member for Blackstone Real Estate Advisors. Before joining Blackstone's real-estate group, he was an analyst in the firm's restructuring and reorganization group. And as inflation surged to its fastest rate since 1981, apartment owners like Blackstone could also raise rents to preserve their profit margins, Schwarzman, Blackstone's CEO, said in an earnings call in January. Just How Much Do the Top Private Equity Earners Make? Blackstone netted $4.1 billion from the deal, according to The Wall Street Journal. Contact:sbutcher@efinancialcareers.comin the first instance. Today, BREIT is overweight residential and industrial because thats where we see great fundamentals. Nareit's members are REITs and other businesses throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. He received an undergraduate degree from the University of Minnesota Duluth and an MBA from The Curtis L. Carlson School of Management. He has . Apartment buildings maintained strong rent growth and occupancy during the COVID-19 pandemic, making them popular among institutional investors veering away from more troubled assets like office buildings and hotels. As an example, European institutions are very focused on ESG but there are other parts of the world where maybe there is less focus. The more carried interest earned, the higher the dividend. 8 is Steve Cohen, the owner of the New York Mets baseball team. In June, he played a pivotal role in Blackstone's purchase of the apartment and hotel operator Extended Stay America and its acquisition of WoodSpring Suites. LePatner, who is second in command to BREIT CEO Frank Cohen, helped launch the investment vehicle in 2017 and has built it into the largest arm of Blackstone's massive real-estate platform. The executive, 41, has real estate in his blood. 2.2. The resorts include indoor water parks, restaurants, and other recreational options which tapped Trebilco's experience in not just real estate but also hospitality and entertainment. Frank Cohen, Blackstone Senior Managing Director and Chairman and CEO of BREIT, will join Tricon's board of directors on the closing date of the investment. The actual average hours worked per week at Blackstone Group based on our data is actually 67 hours, which . BREDS is now part of the structured-finance group. As a final undertaking, Equilar scanned its broader database of companies to search for the largest executive payouts from 2015. Blackstone is currently in the process of expanding its EMEA operations under Farhad Karim. Address. If you look at BREITs portfolio, were overweight in sectors we think will continue to see great growth potential, and in geographies that have the highest amounts of population growth, new household formation, and job growth. LePatner said. "Everyone has a good pitch, but the real question is how valuable and developed the solution is," Fitzpatrick said. In addition, clearly our goal is to be good investors and provide solid returns for those who invest in our real estate funds. "When we faced challenges, Nadeem provided helpful creative solutions to advance the transaction.". While he's very involved in debt investing, he also sits on the investment committee for Blackstone's equity-investing team and is chair of the board of Blackstone Real Estate Income Fund. For all the populist outrage that banks have faced over compensation, their executives make just a fraction of what private equity chiefs do. 1-202-739-9401 (fax). Frank Cohen joined Blackstone Group in 1996. McCarthy starts her day early often before her children rise and reads emails that may have come in from Asia or Europe overnight and require her attention. Frank Pilleri loses. In this capacity . Since joining Blackstone in 1996, Mr. Cohen has played an integral role in the growth of the real estate business. See Photos. As someone who was good at what I did in my line of work, you just know when you are dealing with someone who is hard working, knows what they are doing, and is well prepared. Find thousands of job opportunities by signing up to eFinancialCareers today. It's been on both sides of the trade in life-sciences properties, with its BioMed Realty acquiring a 22-building campus in Boulder, Colorado, for more than $600 million and selling a San Diego portfolio for $464 million. See Photos. We are trying to make 90% of our portfolio green building certified. Acquiring an ownership stake is a way Cohen is "keeping a connection to his hometown and the team he roots for," Rose said. In an interview with Commercial Observer shortly after his promotion, Johnson highlighted warehouses, multifamily apartment buildings, and life sciences as attractive sectors for both debt and equity investments. Other proptechs that have appealed to Blackstone are the property-management-software provider Yardi and the lease-management-software company VTS. Frank Cohen, MPA . The information shown here is a reporting of information included in the company's proxy statement. Before his current role, Pollack led Blackstone Real Estate Debt Strategies, or BREDS, which he helped grow from roughly $10 billion in assets under management when he started at the firm to $26 billion as of the second quarter of 2020. And we do that by identifying themes benefiting from changes in the way people are living, shopping, working, and spending their leisure time," Kim said. Email. Committee: House Education and the Workforce: Related Items: Data will display when it becomes available. COHEN, FRANK SHORT HILLS, NJ 07078: Blackstone Real Estate/Blackstone Real Estate/Senior Managing Director: $50,000: 12/20/2019: P: UNITE THE COUNTRY: COHEN . Do you know the neighborhoods I'm interested in? . For 60 years, Nareit has led the U.S. REIT industry by ensuring its members best interests are promoted by providing unparalleled advocacy, investor outreach, continuing education and networking. Johnson, 42, was named the head of BREDS in November, succeeding Pollack, who was promoted to lead the newly created structured-finance group, which includes BREDS. The idea that "Felix Cohen was the Blackstone of Federal Indian Law" has stylistic appeal and could have been little more than a gracious way to celebrate Cohen. Mark Zuckerberg of Facebook was paid a salary of $1 last year and received personal security and aircraft perks valued at around $5 million. Frank Cohen Award-winning journalist, experienced editor, food & wine writer, restaurant critic, restaurant consultant, fine wine sales specialist Hamden, CT CT Dish, +13 more Cornell University,. She's managed to make the adjustment without sacrificing the company's pipeline of deals. What makes LePatner's tenure at Blackstone more remarkable is that its core strategy was a nascent investment category when she joined the firm in 2014. Blackstone played a similarly vital role when the COVID-19 pandemic struck. Frank Cohen, BREIT chairman and CEO, says the REIT is constantly looking at new investment alternatives. For us, this is an opportunity to make a great investment all the way around. Weve committed ourselves to diversifying the boards of directors for the different companies that we run. He told Insider that about 70% of Blackstone's real-estate portfolio consisted of three themes: logistics, residential, and life sciences. As such, a private equity executive not captured within this data may make even more. What's Mr Cohen's mailing address? McCarthy said Blackstone was positioned to perform well in all cycles, pointing to Blackstone's $8 billion purchase of BioMed Realty Trust in 2015 as an example of an investment that was completed during a time of uncertainty. In this free webinar, Frank Cohen, Six Sigma Black Belt, statistician and data analyst, will cover key analytical issues and metrics that can be used to create a working and efficient compensation model based on Work RVUs, including ways to spot gaming and gain buy-in from physicians on revenue accountability. Frank Cohen, Chairman and CEO of BREIT, said, " This transaction is a complementary addition to BREIT's high-quality portfolio of income-generating real estate, which is heavily weighted. Since its founding in 2017, Blackstone Real Estate Income Trust has grown into a $116 billion lynchpin of Blackstone's sprawling real-estate investment platform. people search. Levine started his career at Blackstone after graduating from Northwestern University over 12 years ago. That's in large part because of Kim, BREIT's 43-year-old head of acquisitions and capital markets. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Before joining Blackstone, he served as a managing director at the Praedium Group, a national real-estate investment firm. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Communication is key in everything McCarthy does as a cohead of Blackstone's sprawling real-estate portfolio. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. Copyright Nareit 2023. Most recently, he played a key role in Blackstone's acquisitions of Equity Office Properties Trust, CarrAmerica Realty Corporation and Trizec Properties. The private equity firms argue that their executives could retire to a beach and earn these same dividends. China's new securitization growth continued in the third quarter (3Q) of 2021 amid some headwinds from regulatory shifts. In total, Frank Cohen has made about 3 transactions over 3 years of their time at Blackstone Real Estate Income Trust, Inc. Frank Cohen usually trades in January, February and August,. BREITs portfolio has been focused on industrial and multifamily, but given recent acquisitions how do you see the portfolio evolving during the coming years? There is no doubt that more people are focused on ESG and working towards strong, positive ESG outcomes across portfolios. Nash told his alma mater, New York University's Stern School of Business, that this was the perfect time to strike in commercial real estate. On 9 February, 2007, it paid $39B for the listed company, using $32B of debt. The timing of Blackstone 's purchase of Equity Office Properties could hardly have been worse. Caplan is responsible for assessing new investment opportunities and managing existing ones in the firm's real-estate division. Since joining Blackstone in 1996, Mr. Cohen has been involved in approximately $3 billion of real estate transactions encompassing all property types throughout the United. Washington, D.C-based Carlyle Group Inc has not yet filed regulatory reports containing information on the compensation and dividends of its chief executive, Kewsong Lee, and its founders David Rubenstein, William Conway and Daniel DAniello. 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