Leaning Into Its Deep Bench, Blackstone Elevates Four Executives to Top Spots

Blackstone Real Estate has promoted not one, not two, not three, but four of its long-tenured executives to some of the platform’s top roles to kick off 2026, Commercial Observer has learned. 

Giovanni Cutaia, previously global chief operating officer of real estate and global head of real estate asset management, has been promoted to president of Blackstone Real Estate. Cutaia, who joined the firm in 2014, was elevated due to his significant contributions to the business over the past 12 years. In his new role, Cutaia will be responsible for the global performance of Blackstone’s real estate business. 

Next, Jacob Werner has been elevated to global chief investment officer. Werner, previously co-head of Americas acquisitions, has led some of the largest and most complex transactions on behalf of the firm, including the $800 million preferred equity deal for the mixed-use CityCenter Las Vegas in December. In his new seat, Werner’s purview will expand to work alongside global deal teams as the platform continues to expand and evolve. 

David Levine is the firm’s new head of real estate for the Americas. Levine joined Blackstone in 2010, and has executed more than $100 billion in real estate investments since then. While Levine’s expertise spans property sectors, his leadership and investment judgment in his previous role as co-head of acquisitions helped make Blackstone Real Estate the largest private owner of logistics facilities in the U.S. Last year, Levine led Blackstone’s acquisition of a 6 million-square-foot industrial portfolio from Crow Holdings. 

In his new role, Levine steps into Nadeem Meghji’s prior shoes. Meghji was head of real estate for the Americas before becoming global head of real estate (and serving as co-global head with Kathleen McCarthy before McCarthy’s departure from the firm in late 2025, in between). Cutaia and Werner — in addition to the firm’s regional heads and the leadership of Blackstone Real Estate Debt Strategies  and the firm’s core-plus business —  will report to Meghji. 

Last, but certainly not least, Mike Forman has been promoted to head of Americas acquisitions. Forman is also behind some of Blackstone’s most headline-worthy transactions, including its $10 billion purchase of QTS Data Centers in 2021. As head of acquisitions, Forman will contribute to investments and acquisitions across sectors, and he’ll also maintain his previous role as head of digital infrastructure at the platform.

“The success of our business has always been because of our exceptionally talented team, and we are excited about the elevations of these individuals, particularly as we look to capitalize on compelling opportunities in the market today,” a Blackstone spokesperson said.

Today, Blackstone has a whopping $320 billion in real estate assets under management globally. Blackstone Real Estate’s senior managing directors have an average tenure of 14 years at the firm; and Cutaia, Werner, Levine and Forman are taking the reins in their individual areas at a time when the firm’s highest conviction investment themes — rental housing, logistics and data centers — are enjoying strong tailwinds. 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com.