Josiah Berhane, 26

Blackstone has earned countless flashy headlines for its impressive gaming and lodging portfolio, and one of its rising stars dedicated to keeping the dice rolling is Josiah Berhane. 

His resume includes the $4.25 billion recapitalization of Blackstone Real Estate’s CityCenter in Vegas, comprising the ARIA Resort & Casino and Vdara Hotel & Spa; the $3 billion refinancing of the Cosmopolitan Las Vegas; and the $1 billion refinancing of the recently renovated Hotel Del Coronado on Coronado Island near San Diego. Berhane has also closed more than $10 billion of commercial mortgage-backed securities deals in the past year alone, including the aforementioned Cosmopolitan and Hotel Del Coronado deals, plus the $1 billion refinance of the Grand Wailea in Maui, Hawaii. Phew! 

“I’ve always been drawn to a career in investing, but it was my summer internship at Blackstone that cemented my passion for real estate,” Berhane said. “Seeing firsthand how Blackstone real estate identifies trends ahead of the market and consistently executes on investments was beyond compelling.”

When it comes to the past year’s highlights, CityCenter is, understandably, one standout deal for Berhane. 

“It was a structurally complex transaction that exemplified the creativity and rigor that Blackstone brings to engineering differentiated solutions at scale,” he said. “Second — and this is less of a moment, but more of a recurring theme and highlight — is the culture at Blackstone. It’s an entrepreneurial environment and a place where senior leaders genuinely invest in the next generation.” 

Prior to his current purview, Berhane was focused on Blackstone’s office investments. 

“It was 2022, so it was a tumultuous time for the office sector,” he said. “Thankfully, Blackstone, as always, was ahead of the trend and ahead of the curve on the office theme, but it was a great learning experience. And then transitioning to the gaming and hospitality sector was more operationally intensive, and I’ve learned a different side of the business, which is always fun.” 

A mentor once told Berhane it’s important to be excited for the day when his feet hit the ground in the morning. “That’s something that’s always stuck with me,” he said. “Beyond that, I’d say a crucial component of deciding a career is ensuring that you surround yourself with intellectually curious people who challenge you and from whom you can constantly learn. I’m grateful to have that here at Blackstone.”