David Grumet, 28

A burgeoning logistics expert who helped Blackstone engineer substantial portfolio deals, David Grumet, a lifelong New Yorker, remembers a point that a boss made during a summer internship he did while he studied business at New York University. Grumet was asked where his tie was from, where his shoes were made, and where his jacket was sewn. His guesses hit every corner of the globe. 

Then he was asked where he was standing.  

How all those items arrive in the same place — the routes and storage spaces needed to make that happen — has been a central part of commercial real estate for decades and a core part of Grumet’s career in the field so far. 

“The last four years of logistics have been incredible to be a part of,” he said. “I’ve been in the middle of an industry going from being very sleepy to becoming absolutely fascinating.”

Grumet joined Blackstone in 2019, getting hands-on experience as the firm acquired massive portfolios from both Gramercy Property Trust in 2018 and GLP’s industrial platform in 2019. The nature of building an empire within the industry and the logistical obstacles of operating such a network intrigued his analytical nature, and he’s overseen analysis and execution for key transactions. 

These have included a $365 million sale to Terreno and a $1 billion sale to Rexford. There was also the $3.1 billion sale to Prologis in June 2023 — a “big splash” that Grumet said helped him see the big picture. He’s now helping supervise asset management for the firm’s $100 billion U.S. industrial portfolio, especially Blackstone’s infill, last-mile Link Logistics portfolio, and strategizing around capital markets execution for the portfolio. 

“When you step back, you get the really global landscape,” he said. “How do we maximize value in terms of leasing? How do we be the best partner to both our customers and all the stakeholders involved? That piece of it is very rewarding.”