# Blackstone Real Estate Special Situations Advisors L.L.C.

Blackstone Real Estate Special Situations Advisors L.L.C. is an Asset Manager.

## Overview

- **Organization type:** Asset Manager
- **Assets under management:** Undisclosed

## Regulatory record

- **CRD number:** 146043
- **SEC file number:** 801-68749
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/146043

## About

BLACKSTONE REAL ESTATE SPECIAL SITUATIONS ADVISORS L.L.C. is an SEC-registered investment adviser in NEW YORK, NY, registered since 2008. The firm manages $69.8 billion in assets, with $69.7 billion on a discretionary basis. It has 255 employees and 134 investment advisers.

## Questions

### Who runs investment decisions at Blackstone Real Estate Special Situations Advisors L.L.C.?

Investment decisions are overseen by Blackstone's Real Estate global co-heads, Jonathan Gray and Kathleen McCarthy, who lead the broader platform of over 550 real estate professionals. Day-to-day special situations are managed by a team led by Fred Richardson as head of real estate special situations. (Per Blackstone, 2024).

### How does Blackstone Real Estate Special Situations Advisors L.L.C. source proprietary deal flow?

The entity leverages Blackstone's global presence and relationships with over 1,000 institutional investors. Deal flow comes from distressed seller negotiations, off-market transactions, and Blackstone's deep industry network. Public records indicate a strong pipeline from fund-level co-investments (per The Wall Street Journal, 2023).

### What investment stages does Blackstone Real Estate Special Situations Advisors L.L.C. typically target?

The entity targets opportunistic and value-add stages, including distressed single assets, portfolios, and corporate-level transactions in the real estate sector. It focuses on assets requiring significant repositioning.

### Which sectors does Blackstone Real Estate Special Situations Advisors L.L.C. explicitly avoid?

Publicly available information does not specify excluded sectors. However, Blackstone's broader Real Estate group avoids property types like ground-up development and raw land, preferring assets with cash-flow potential that require operational improvements (per Blackstone's investor materials).

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Last updated: 2026-06-03T20:00:00.000Z

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