Program aims to boost diversity and build future commercial real estate leaders
Blackstone Real Estate has rolled out a program to mentor “historically underrepresented, high-potential undergraduate students” as the “next generation of CRE professionals.”
The Blackstone Real Estate Leaders Program is a weeklong initiative scheduled for January 8-12, 2024, in New York City and is aimed at college sophomores.
Eric Wu, chief operating officer of Blackstone’s Real Estate Americas division, told the Commercial Observer that the program’s origins stem from conversations with colleagues early this year about ways to bolster the talent pipeline for those underrepresented in real estate.
“It really started from people on the team leaning into the idea of having more diversity and wanting to start a program that was specifically targeted to historically underrepresented undergraduate students within real estate investing,” Wu said. “It was a ground-up program that was developed by people at Blackstone wanting to really move the needle on diversity here and within the industry itself.”
Blackstone also intends to attract program graduates to join the company’s ranks in the future. Initially, the program will accommodate a small cohort of 10 students, fostering extensive interaction between participants and Blackstone real estate leaders.
To promote the program, Blackstone has reached out to colleges typically involved in their recruitment efforts. Additionally, they are collaborating with industry network groups like Sponsors for Educational Opportunity (SEO) and Scholars of Finance. Housing will be provided to all participating students, expanding the candidate pool beyond the New York region.
Read more: Blackstone sees opportunities in turbulent commercial real estate market
“Our goal is to find people that are interested in real estate, teach them what we do here and how we do it, and then also give them some insight into what skills they need to develop to be a successful employee at Blackstone and then broadly within the real estate industry,” Wu said.
“If they’re lucky enough to get an internship here and then become a full-time analyst, or they go someplace else and get an internship, instead of spending the first weeks and months learning the skill sets, they already know what they need to know, and hopefully they’re starting with a running start.”
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