Blackstone (NYSE:BX) today announced that Eric Duchon has joined the firm in the newly created position of Global Head of Real Estate ESG. Eric will work closely with Real Estate Asset Management teams across the globe to build on existing environmental, social and governance efforts and scale them across the firm’s $329 billion global real estate portfolio. He will also work with the Real Estate team’s portfolio companies to ensure that the firm’s commitment to sustainability and diversity and inclusion are fully integrated across asset classes and geographies.
Eric will report to Giovanni Cutaia, Global Head of Real Estate Asset Management, and will coordinate closely with Blackstone’s corporate ESG leaders.
Mr. Cutaia said “Sustainability, social engagement, and good governance have been core priorities for our business for many years, and we are committed to continually evaluating how we can do more. Eric brings more than a decade of real estate ESG experience to the table, and we’re thrilled to have him on board as we continue to find new ways to expand our impact.”
“The breadth and reach of Blackstone Real Estate is remarkable. I’m excited to work with Blackstone’s global team and build on their existing ESG efforts to further scale the positive impact,” Eric said.
Blackstone has been focused on ESG for over a decade and recently announced a commitment to reduce carbon emissions by 15% across all new investments where Blackstone controls energy usage. The firm also recently set a target of one-third diversity on portfolio company boards for new control investments in the U.S. and Europe starting in 2021 as well as established a hiring program designed to identify, recruit and retain candidates from underserved communities for middle-skilled roles across our portfolio.
Blackstone Real Estate has achieved a number of significant milestones across its portfolio to date, including installing 10,000 rooftop solar panels at Stuyvesant Town and reducing carbon emissions by 30% at Hilton between 2008 and 2018. Additionally, through energy consumption improvements, Blackstone’s Willis Tower became the largest building in the U.S. to earn a LEED Platinum rating.
Prior to joining Blackstone, Eric was the Global Head of Sustainability at LaSalle Investment Management, where he was responsible for the firm’s ESG strategy and policy implementation for the private equity, securities, and indirect businesses globally. During his time at LaSalle, Eric spearheaded initiatives that advanced the firm’s ESG program significantly, resulting in A+ UN PRI scores and GRESB score increases of ~30% across global submissions, and led the adoption of the firm’s climate change and net zero carbon commitments globally. Previously, Eric was also the Director of Sustainability Strategies at Cushman & Wakefield.
Eric holds a BBA from Goizueta Business School at Emory University and a Masters in Real Estate Development from the Schack Institute of Real Estate at New York University.
Read more about Blackstone’s ESG policies and achievements here.
About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has $174 billion of investor capital under management. Blackstone is one of the largest property owners in the world, owning and operating assets across every major geography and sector, including logistics, multifamily and single family housing, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ strategy invests in substantially stabilized real estate globally through regional open-ended funds focused on high-quality assets and Blackstone Real Estate Income Trust, Inc. (BREIT), a non-listed REIT that invests in U.S. income-generating assets. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).