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BlackRock global head of real estate to step down


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BlackRock global head of real estate to step down

Marcus Sperber is resigning as global head of real estate at BlackRock Inc., PERE News reported.

Citing an Oct. 18 notice to BlackRock's real estate investors, PERE noted that Sperber will still lead the property platform through June 2019, after which the heads of the New York City-based asset manager's five main real estate business lines will report to head of real assets Jim Barry.

Talks about the leadership change started about one year ago, as the firm looked ahead to the next phase of growth for its real assets portfolio, Sperber and Barry said in an interview with PERE.

PERE quoted Barry as saying that contrary to other senior exits in the real estate business, Sperber's departure is "driven by much more personal dynamics" and comes at a time when the "shaping of the organization has been done."

"There is no rush to find a global head because the business is in a different position" from when Sperber assumed the position, Barry told the news outlet.