Tag: Kathleen McCarthy

Roundtable Announces FY 2025 Leadership; Kathleen McCarthy Takes Over As New Chair

Posted on by Abigail Grenadier

Roundtable Leadership

  • Kathleen McCarthy, Chair of the Real Estate Roundtable (above), said, “I am incredibly honored to step into the role of Chair of the Real Estate Roundtable. The real estate industry touches every aspect of our economy—from affordable housing and shopping centers to warehouses and data centers. Strong collaboration between the public and private sectors will enable the country to meet the challenges we face and capitalize on the opportunities ahead. John, Jeff, and the entire Roundtable team have advocated for policies to help drive growth and innovation across communities in the U.S., and I look forward to building on their important work.” (Press Release)
  • John Fish, Immediate Past Chair, stated, “It has been a privilege to serve as Chair during such a pivotal period for our industry. I am pleased to hand over the reins to Kathleen. Her expertise and leadership, along with Jeff DeBoer’s vision and guidance, will undoubtedly guide The Roundtable to new heights. The focus on recovery, resilience, and innovation remains crucial as this important organization works with our partners in government to advance our shared interests and strengthen the American economy.”
  • “The Real Estate Roundtable and its members have always risen to meet the challenges of the times, and I am confident that under Kathleen’s leadership, we will continue to make impactful strides,” said Jeffrey DeBoer, Roundtable President and CEO. “The real estate industry is a cornerstone of economic vitality, job creation, and community development. Kathleen’s extensive experience and strategic vision will be invaluable as we address critical policy issues and advocate for a shared, prosperous future.”

Roundtable Board of Directors

  • The 26-member FY2025 Roundtable Board of Directors is elected from the membership and includes three elected leaders of national real estate trade organizations from The Roundtable’s 18 partner associations.
  • Joining The Roundtable’s Board of Directors as of July 1 are:
    • Conor Flynn, CEO, Kimco Realty Corporation; First Vice Chair, Nareit
    • Michelle Herrick, Head of Real Estate Banking, J.P. Morgan
    • Diane Hoskins, Global Co-Chair, Gensler; Chairman, The Urban Land Institute
    • Michael H. Lowe, Co-CEO, Lowe
    • Andrew P. Power, President & CEO, Digital Realty

  • Stepping down from The Roundtable Board as of July 1 are:
    • Michael D. Brown, Travel & Leisure Co. President & CEO, Immediate Past Chair, American Resort Development Association
    • Debra A. Cafaro, Chairman and Chief Executive Officer, Ventas, Inc., Immediate Past Chair, The Real Estate Roundtable
    • W. Matthew Kelly, CEO, JBG Smith, Chair, Nareit

The Roundtable will release its 2024 Annual Report: Dynamic Policy for Evolving Needs in the coming weeks, which highlights the organization’s advocacy efforts over the past year and future policy solutions.

NEWS: The Real Estate Roundtable Announces FY 2025 Leadership

Posted on by Abigail Grenadier

Kathleen McCarthy Takes Over As New Chair Of The Roundtable’s Board Of Directors; John Fish Commended For Three Years As Roundtable Chair

(WASHINGTON, D.C.) — The Real Estate Roundtable announced its FY2025 leadership today, with Kathleen McCarthy (Global Co-Head of Blackstone Real Estate) beginning a three-year term as Roundtable Chair on July 1, 2024. Ms. McCarthy succeeds John Fish (Chairman & Chief Executive Officer, Suffolk) who has served as Roundtable Chair since 2021. The Roundtable’s membership also approved a 26-member Board of Directors.

Kathleen McCarthy, Chair of the Real Estate Roundtable, said, “I am incredibly honored to step into the role of Chair of the Real Estate Roundtable. The real estate industry touches every aspect of our economy—from affordable housing and shopping centers to warehouses and data centers. Strong collaboration between the public and private sectors will enable the country to meet the challenges we face and capitalize on the opportunities ahead. John, Jeff, and the entire Roundtable team have advocated for policies to help drive growth and innovation across communities in the U.S., and I look forward to building on their important work.”

“The Real Estate Roundtable and its members have always risen to meet the challenges of the times, and I am confident that under Kathleen’s leadership, we will continue to make impactful strides,” said Jeffrey D. DeBoer, Roundtable President and CEO. “The real estate industry is a cornerstone of economic vitality, job creation, and community development. Kathleen’s extensive experience and strategic vision will be invaluable as we address critical policy issues and advocate for a shared, prosperous future.”

John Fish, the Immediate Past Chair, stated, “It has been a privilege to serve as Chair during such a pivotal period for our industry. I am pleased to hand over the reins to Kathleen. Her expertise and leadership, along with Jeff DeBoer’s vision and guidance, will undoubtedly guide The Roundtable to new heights. The focus on recovery, resilience, and innovation remains crucial as this important organization works with our partners in government to advance our shared interests and strengthen the American economy.”

About Kathleen McCarthy

Kathleen McCarthy is the Global Co-Head of Blackstone Real Estate. Blackstone is the largest owner of commercial real estate globally with a nearly $600 billion real estate portfolio and $339 billion in investor capital under management (as of March 31, 2024), owning and operating assets across every major geography and sector, including logistics, residential, office, hospitality and retail. Ms. McCarthy focuses on driving performance and growth for Blackstone’s Real Estate business.

Ms. McCarthy previously served as Global Chief Operating Officer of Blackstone Real Estate. Before joining Blackstone in 2010, Ms. McCarthy worked at Goldman Sachs, where she focused on investments for the Real Estate Principal Investment Area. Ms. McCarthy began her career at Goldman Sachs in the Mergers & Acquisitions Group.

Ms. McCarthy received a BA in Ethics, Politics and Economics from Yale University. She serves on the Boards of City Harvest and the Blackstone Charitable Foundation, is Chair of the Board of Directors of the Real Estate Roundtable and is the President of the Board of Trustees of The Nightingale-Bamford School.

About John Fish

The Real Estate Roundtable’s Board of Directors was chaired by John Fish, who is Chairman and CEO of Suffolk. Under his vision and leadership, Suffolk has grown into one of the leading privately held general building contractors in the country with $5.6 billion in annual revenue; main offices throughout the country; and experience in high-growth sectors including healthcare, higher education, life sciences, data centers, aviation, gaming, government and commercial. Suffolk is ranked #25 on the Engineering News-Record national list of “Top 400 Contractors.”

He serves on numerous Boards focused on improving the economy, strengthening business, and creating jobs. He is a member of the Business Roundtable, serves on the Executive Committee of the Real Estate Board of New York, and is a member of the Partnership for New York City.

Mr. Fish is a graduate of Bowdoin College in Brunswick, Maine with a Bachelor’s Degree in Political Science. He received an Honorary Doctorate of Engineering Technology Degree from Wentworth Institute of Technology. He is also the recipient of honorary degrees from Regis College and Curry College.

About The Real Estate Roundtable

The Real Estate Roundtable brings together leaders of the nation’s top publicly-held and privately-owned real estate ownership, development, lending, and management firms with leaders of major national real estate trade organizations to jointly address key national policy issues relating to real estate and its important role in the global economy.

The collective value of assets held by Roundtable members exceeds $4 trillion. The Roundtable’s membership represents more than 3 million people working in real estate; 12 billion square feet of office, retail, and industrial space; over 4 million apartments; and more than 5 million hotel rooms. It also includes the owners, managers, developers, and financiers of senior, student, and manufactured housing—as well as medical offices, life science campuses, data centers, cell towers, and self-storage properties.

The Roundtable’s policy news and more are available on The Roundtable website.

Other Roundtable Leadership Changes

Joining The Roundtable’s Board of Directors as of July 1 are:

  • Conor Flynn, CEO, Kimco Realty Corporation; First Vice Chair, Nareit
  • Michelle Herrick, Head of Real Estate Banking, J.P. Morgan
  • Diane Hoskins, Global Co-Chair, Gensler; Chairman, The Urban Land Institute
  • Michael H. Lowe, Co-CEO, Lowe
  • Andrew P. Power, President & CEO, Digital Realty

See the complete list of the FY2025 Roundtable’s Board of Directors here.

Stepping down from The Roundtable Board as of July 1 are:

  • Michael D. Brown, Travel & Leisure Co. President & CEO, Immediate Past Chair, American Resort Development Association
  • Debra A. Cafaro, Chairman and Chief Executive Officer, Ventas, Inc., Immediate Past Chair, The Real Estate Roundtable
  • W. Matthew Kelly, CEO, JBG Smith, Chair, Nareit

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Roundtable Members Featured in Commercial Observer’s “Power 100” List of 2024 Most Influential Leaders in CRE

Posted on by Abigail Grenadier
Commercial Observer's Power 100 list for 2024

This week, the publication Commercial Observer released their “Power 100” list of prominent industry influencers, which includes Real Estate Roundtable Chair-Elect Kathleen McCarthy (Global Co-Head of Blackstone Real Estate, Blackstone), Chairman Emeritus (2015-2018) William C. Rudin (Co-Executive Chairman, Rudin), Roundtable President and CEO Jeffrey DeBoer, and nearly 30 other Roundtable members. (Power 100 2024 – Commercial Observer)

CRE Industry Leadership

  • Commercial Observer notes that the industry has been through a great deal of turbulence this year. “For better or worse, the biggest cliché that seeped into the commercial real estate conversation over the last year was: ‘Survive until ’25.’ This year’s honorees have shown the pluck, the determination, and the fortitude to make their ways onto this list.” (Power 100 2024 – Commercial Observer)
  • The article also notes how The Roundtable effectively represents the industry while partnering with 18 national trade associations to educate Washington, D.C. policymakers on national issues impacting the industry.

The Roundtable’s Role

Commercial Observer's Top 100 Most Influential Leaders in CRE for 2024
  • DeBoer comments within his profile, “Helping federal regulators understand the whiplash of very quickly moving from the historically long period of artificially low interest rates to a much higher interest rate environment was critical to the flexibility they ultimately provided to banks to modify or extend a great deal of the roughly $1 trillion in maturing commercial real estate loans.”
  • He also notes that significant stress on CRE remains, especially the pressures of remote work. Yet, “a systemic crisis for the banking industry and real estate markets seems to have been averted,” DeBoer states. (See DeBoer’s listing)

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Fed Cautions About Office Sector as Vacancies Climb and Loan Modifications Surge

Posted on by Abigail Grenadier
La Salle Street, Chicago, Illinois, USA

Recent reports show U.S. office vacancies climbed to nearly 20% during Q1 2024 after loan modifications more than doubled last year compared to 2023. Meanwhile, Federal Reserve Board Vice Chair for Supervision Michael Barr cautioned this week that federal regulators are “looking carefully at banks with heavy concentrations in office commercial real estate where there are significant, expected price declines.” (Moody’s Analytics, April 2 | CRED iQ, March 28 | (C-SPAN video, April 3)

Office Sector

  • Preliminary data from Moody’s Analytics reinforces the long-term, negative ramifications of hybrid work models. The Q1 2024 office vacancy rate set a new record at 19.8%, up from 19.6% in the prior quarter, and beating two historic peaks of 19.3% in 1986 and 1991. (Bloomberg, April 2 | Quartz, April 3 | CRE Daily, April 4)
  • “The office stress isn’t quite done yet,” said Thomas LaSalvia, Moody’s head of commercial real estate economics and an author of the report. He added, “This is part of a longer-term evolution where we are seeing obsolete buildings in obsolete neighborhoods.” (Bloomberg, April 2)
  • Brookfield’s Feb. 14 report, “The Misunderstood U.S. Office Market,” emphasizes that high vacancy rates are due to an excess of dated, functionally obsolete office buildings and an undersupply of offices that satisfy tenants’ changing needs.
  • A Roundtable-led coalition of 16 national real estate organizations urged the expansion of a 20 percent tax credit for qualified property conversion expenditures in an Oct. 12, 2022 letter to policymakers. The recommended enhancements included expanding the category of properties eligible for the credit to various types of commercial buildings such as shopping centers and hotels. (Roundtable Weekly, Nov. 11, 2022)

Fed Oversight & CRE Sectors

Federal Reserve Board Vice Chair for Supervision Michael Barr
  • The Fed’s top market supervisor told the National Community Reinvestment Coalition on April 3 that CRE refinancing deals will “take some time to work through” as the Fed closely monitors office sector conditions. (C-Span | BGov, April 3 | Roundtable Weekly, March 8)
  • Barr said, “This is the kind of thing where it is likely a slow-moving train as the financial sector and commercial real estate market move forward. Over the next two to three years, we are going to see how properties deal with refinancing in a higher interest rate environment. Occupancy rates have lowered because of work-from-home, so for some categories of office CRE they are more exposed to risk.”
Kathleen McCarthy
  • Kathleen McCarthy, global co-head of Blackstone Real Estate and chair-elect of The Real Estate Roundtable, commented to CNBC’s “Closing Bell Overtime” on April 3 that the office sector is different from other CRE investment areas that have performed well. “We do feel like there’s a bottoming happening. There’s no V-shaped recovery … but we do see the cost of capital coming down, we’re seeing more liquidity in markets, and perhaps more importantly for the long term, we’re seeing a sharp decline in new supply,” she said.
  • Barron’s recognized McCarthy this week as one of the 100 Most Influential Woman in Finance. She commented on her upcoming role as Roundtable Chair: “To bring together my interest in policy and have a position to help our whole industry in Washington is really exciting.” (Barron’s, April 4)

Commercial and multifamily market conditions will be discussed during RER’s April 15-16 Spring Meeting in Washington DC (Roundtable-level members only) with guests including White House Council of Economic Advisers Chairman Jared Bernstein,  House Democratic Leader Hakeem Jeffries (D-NY), and House Financial Services Member French Hill (R-AK). 

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Policymakers Emphasize Affordable Housing Incentives, Increasing Supply 

Posted on by Abigail Grenadier

Three U.S. Senators discussed national housing policy with industry leaders and Roundtable members during this week’s State of the Industry (SOI) meeting. (See Meeting agenda)

Need for Housing Incentives

Sen. Ron Wyden (D-OR)
  • Senate Finance Committee Chairman Ron Wyden (D-OR) discussed the importance of expanding and extending the Low-Income Housing Tax Credit (LIHTC), which was included in a tax package advanced by the House Ways and Means Committee last week by a vote of 40-3. Sen. Wyden negotiated the $77 billion bill with Ways and Means Chairman Jason Smith (R-MO) and commended the overwhelming margin of bipartisan support in the committee vote. (Roundtable Weekly, Jan. 19)
Housing Panel at RER's 2024 State of the Industry Meeting. Moderator Kathleen McCarthy, Blackstone
  • Sen. Maggie Hassan (D-NH), center, discussed what can be done to address U.S. housing challenges with Kathleen McCarthy, left, (Chair-Elect, The Real Estate Roundtable | Global Co-Head of Real Estate, Blackstone), and Shaun Donovan, right, (CEO and President, Enterprise Community Partners |former HUD Secretary and OMB Director). Sen. Hassan spoke about the urgent need for national policy to encourage development of more workforce housing, while Mr. Donovan noted the congressional tax bill under consideration would create 200,000 new affordable housing units.
Sen. Debbie Stabenow (D-MI) at RER's 2024 State of the Industry meeting
  • Sen. Debbie Stabenow (D-MI)– introduced by Roundtable Chair Emeritus (2012-2015) Robert Taubman (Chairman, President & CEO, Taubman Centers, Inc.) – spoke about legislative efforts to revitalize downtowns. Sen. Stabenow referred to the recent tax package as an encouraging development for affordable housing, yet noted how more is needed to incentivize conversions of commercial properties to multifamily use. Stabenow is an original co-sponsor of the Revitalizing Downtowns Act (H.R. 4759) to encourage adaptive use of older buildings.

Housing policy and incentives advocated by The Roundtable to encourage more affordable housing supply are topics weaved throughout RER’s 2024 Policy Priorities. (See Executive Summary)

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The Roundtable’s Board of Directors Announces Blackstone’s Kathleen McCarthy as Chair-Elect

Posted on by Abigail Grenadier

The Real Estate Roundtable’s Board of Directors has elected Kathleen McCarthy (Global Co-Head of Blackstone Real Estate) as Chair-Elect to begin her three-year term as Roundtable Chair on July 1, 2024.

Roundtable Chair-Elect

  • Chair-Elect McCarthy will succeed Roundtable Chair John Fish (Chairman & Chief Executive Officer, Suffolk) on July 1.

  • “The Real Estate Roundtable and its Board of Directors are thrilled to announce Kathleen McCarthy as our Chair-Elect,” said Mr. Fish. “Kathleen is an extraordinary leader in the real estate industry and has been a key contributor to The Roundtable’s mission as a member of our Board. Her extensive experience and expertise as co-head of the world’s largest real estate platform brings a unique and invaluable perspective to our policy discussions.”

  • Mr. Fish added, “Kathleen’s fact-based approach and understanding of policies impacting commercial real estate will help advance policies that benefit communities, create jobs and accelerate economic growth. I am delighted that Kathleen will be the next Chair of The Real Estate Roundtable.”

  • Ms. McCarthy stated, “I am deeply honored to have the opportunity to serve as Chair of the Real Estate Roundtable and build upon the important work being done by John, Jeff and the entire Roundtable team. The opportunities and challenges facing our industry require innovative approaches and strong engagement between the public and private sectors. Advocacy for policies in an industry that touches so many aspects of everyday life is crucial and I’m committed to advancing our sector for the benefit of communities across the nation.”

  • Blackstone Real Estate is the largest owner of commercial real estate globally with a $585 billion real estate portfolio and $333 billion in investor capital under management (as of June 30, 2023).

Roundtable President and CEO Jeffrey D. DeBoer commented, “I am excited about our Board’s decision to select Kathleen McCarthy as our Chair-Elect, and look forward to working more extensively with her as we continue The Real Estate Roundtable’s solid track record of driving change in our industry for the benefit of all stakeholders.”

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The Real Estate Roundtable’s Board of Directors Announces Blackstone’s Kathleen McCarthy as Chair-Elect

Posted on by Abigail Grenadier

(WASHINGTON, D.C.) — The Real Estate Roundtable’s Board of Directors has elected Kathleen McCarthy (Global Co-Head of Blackstone Real Estate) as Chair-Elect, to begin her three-year term as Roundtable Chair on July 1, 2024.

Chair-Elect McCarthy will succeed John Fish (Chairman & Chief Executive Officer, Suffolk) who has served as Roundtable Chair since 2021.

“The Real Estate Roundtable and its Board of Directors are thrilled to announce Kathleen McCarthy as our Chair-Elect,” said Mr. Fish. “Kathleen is an extraordinary leader in the real estate industry and has been a key contributor to The Roundtable’s mission as a member of our Board. Her extensive experience and expertise as co-head of the world’s largest real estate platform brings a unique and invaluable perspective to our policy discussions.”

Mr. Fish added, “Kathleen’s fact-based approach and understanding of policies impacting commercial real estate will help advance policies that benefit communities, create jobs and accelerate economic growth. I am delighted that Kathleen will be the next Chair of The Real Estate Roundtable.”

Ms. McCarthy stated, “I am deeply honored to have the opportunity to serve as Chair of the Real Estate Roundtable and build upon the important work being done by John, Jeff and the entire Roundtable team. The opportunities and challenges facing our industry require innovative approaches and strong engagement between the public and private sectors. Advocacy for policies in an industry that touches so many aspects of everyday life is crucial and I’m committed to advancing our sector for the benefit of communities across the nation.”

Roundtable President and CEO, Jeffrey D. DeBoer commented, “I am excited about our Board’s decision to select Kathleen McCarthy as our Chair-Elect, and look forward to working more extensively with her as we continue The Real Estate Roundtable’s solid track record of driving change in our industry for the benefit of all stakeholders.”

About Kathleen McCarthy

Kathleen McCarthy is the Global Co-Head of Blackstone Real Estate. Blackstone is the largest owner of commercial real estate globally with a $585 billion real estate portfolio and $333 billion in investor capital under management (as of June 30, 2023). Blackstone Real Estate is an industry leader in opportunistic, core plus and debt investing across North America, Europe and Asia. Ms. McCarthy focuses on driving performance and growth for Blackstone’s Real Estate business.

Ms. McCarthy previously served as Global Chief Operating Officer of Blackstone Real Estate. Before joining Blackstone in 2010, Ms. McCarthy worked at Goldman Sachs, where she focused on investments for the Real Estate Principal Investment Area. Ms. McCarthy began her career at Goldman Sachs in the Mergers & Acquisitions Group.

Ms. McCarthy received a BA with Distinction from Yale University. She serves on the Boards of City Harvest, the Real Estate Roundtable, the PREA Foundation, and the Blackstone Charitable Foundation, and is the President of the Board of Trustees of The Nightingale-Bamford School.

About John Fish

The Real Estate Roundtable’s Board of Directors is chaired by John Fish, who is Chairman and CEO of Suffolk. Under his vision and leadership, Suffolk has grown into one of the leading privately held general building contractors in the country. With over $4.5 billion in annual revenue, Suffolk is currently ranked #23 on the Engineering News-Record national list of “Top 400 Contractors.”

He serves on numerous Boards focused on improving the economy, strengthening business and creating jobs. He also serves on the Executive Committee of the Real Estate Board of New York and a member of the Partnership for New York City and New York Building Congress.

Mr. Fish is a graduate of Bowdoin College in Brunswick, Maine with a Bachelor’s Degree in Political Science.  He received an Honorary Doctorate of Engineering Technology Degree from Wentworth Institute of Technology. He is also the recipient of an honorary degree from Regis College and Curry College

About The Real Estate Roundtable

The Real Estate Roundtable brings together leaders of the nation’s top publicly-held and privately-owned real estate ownership, development, lending and management firms with leaders of major national real estate trade organizations to jointly address key national policy issues relating to real estate and its important role in the global economy. 

The collective value of assets held by Roundtable members exceeds $4 trillion. The Roundtable’s membership represents more than 3 million people working in real estate; 12 billion square feet of office, retail and industrial space; over 4 million apartments; and more than 5 million hotel rooms. It also includes the owners, managers, developers and financiers of senior, student, and manufactured housing—as well as medical offices, life science campuses, data centers, cell towers, and self-storage properties.

The Roundtable’s policy news and more are available on The Roundtable website.

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