Tony James, executive vice chairman of asset management giant Blackstone Group LP, is looking to invest in real estate, Bloomberg News reported Aug. 13.

Jefferson River Capital, a New York-based private investment firm that invests on behalf of James, hired Bill Helm as head of real estate investments, a newly created position, according to the report.

While no real estate investments have been made yet, the family office will focus on multifamily, industrial and office properties in the Northeast and Southeast U.S., a source told the news service.

Helm previously worked at DLJ Real Estate Capital Partners LLC, the report adds.