# Blackstone Real Estate Leadership Shift

> New Blackstone real estate co-heads address investor worries after recent departures.
- Title: Blackstone Real Estate Leadership Shift · The Real Deal
- Summary: New Blackstone real estate co-heads address investor worries after recent departures.
- Keywords: blackstone, giovanni cutaia, david levine, real estate, investor concerns, leadership change, carried interest, blackstone real estate trust, data centers, logistics, multifamily housing, carried interest payout
- Source: The Real Deal — https://therealdeal.com/national/2026/11/09/blackstones-giovanni-cutaia-and-david-levine-take-over-real-estate
- Author: Rich Bockmann
- Published: 2026-11-09T19:00:00+00:00
- Read time: 1 min
- Topics: blackstone, giovanni cutaia, david levine, real estate, investor concerns, leadership change, carried interest, blackstone real estate trust, data centers, logistics, multifamily housing, carried interest payout
## Leadership Change
Blackstone’s real estate group faces leadership turnover after Nadeem Meghji and Kathleen McCarthy unexpectedly stepped down.

> We understand why we’re getting these questions
## New Co-Heads Address Concerns
Giovanni Cutaia and David Levine reassure investors about the leadership transition and strategy for the division.

> We’ve been traveling around the world and spending a lot of time with our investors together
## Investor Worry
Investors worry about Blackstone’s real estate sector after recent leadership exits and poor performance over three years.
## Real Estate Performance
Blackstone’s real estate group has been Blackstone’s worst-performing sector for nearly three years, dragged down by high interest rates.
## Financial Results
Over the past 12 months, Blackstone’s riskier investments are down 4 percent while its safer core-plus segment is up 4.3 percent.
## Leadership Background
Giovanni Cutaia, 54, was president of Blackstone’s real estate group before stepping down, managing global assets.
## David Levine’s Experience
David Levine, 38, led Blackstone’s Americas group and built Link Logistics, the largest private owner of logistics assets in the U.S.
## Real Estate Fundamentals
Blackstone’s logistics business leasing is up 45 percent, hotels are up 6 percent, and data centers are on track for 6 gigawatts this year.
## Strategic Shifts
Blackstone is shifting from buy-fix-sell models to growing assets and collecting fees, a move described as 'Blackstone 3.0'.
## Investor Response
Blackstone’s stock price has dropped 40 percent since late 2024 to about $119 per share.
## Future Focus
New co-heads emphasize long-term growth in industrial, data centers, hospitality, and multifamily housing with strong secular tailwinds.

> I think today as we look forward, what gets us excited is the majority of our business is concentrated in things like industrial, in data centers, in global hospitality, in multifamily
## AI and Data Centers
Blackstone is building digital infrastructure, including data centers and warehouses, to leverage the AI boom.
## Key takeaway

Blackstone’s new real estate co-heads Giovanni Cutaia and David Levine reassure investors after recent leadership exits, amid concerns over the sector’s performance and strategic shifts.