BlackRock names new global co-heads of real estate

BlackRock has elevated two of its top real estate executives to global co-heads, PERE has learned.

Paul Tebbit and Thomas Mueller-Borja have been jointly promoted to the firm’s top real estate post, marking the first time BlackRock’s global real estate head position has been shared by two people.

Tebbit and Mueller-Borja will succeed Anne Valentine Andrews in overseeing the real estate platform. Based in London, they will report to Brent Patry, who himself was promoted to global head of equity private markets last month, replacing Edwin Conway.

However, Valentine Andrews, who left BlackRock last month, led both the firm’s infrastructure and real estate businesses for just shy of three years. The company’s last dedicated global real estate head was Marcus Sperber, who was in charge of the business from 2016-19.

Both Tebbit and Mueller-Borja are longtime BlackRock executives, having joined the firm in 2011 and 2014, respectively. Prior to being appointed global co-heads, the two also were promoted at least once over the past two years.

In January 2023, Tebbit was named global chief investment officer of core real estate, overseeing BlackRock Real Estate’s newly established global core equity platform. The appointment marked his second promotion in less than a year, having been elevated from chief investment officer for BlackRock EMEA Real Estate to head of EMEA real estate in June 2022. He succeeded Justin Brown, who left the firm after 10 years. Tebbit previously served as portfolio manager of its UK Property Fund.

Meanwhile, in September 2022, Mueller-Borja, who previously was co-portfolio manager of the firm’s European value-add fund series, assumed the additional title of global chief investment officer of BlackRock’s newly created global value-add real estate platform.

PERE understands that Tebbit and Mueller-Borja will retain their global CIO responsibilities.

Before joining BlackRock, Tebbit was new business director at property firm TelerealTrillium and has also worked at Wesgroup Properties and law firm Norton Rose, according to his LinkedIn profile. Mueller-Borja was a senior vice-president at Partners Group from 2011-14 and previously held roles at European Bank for Reconstruction and Development and law firm Baker & McKenzie.

Tebbit’s and Mueller-Borja’s promotions are the latest in a wave of global co-head of real estate appointments, both at firms with existing co-head structures, such as Blackstone and Partners Group, as well as at managers that previously had a sole global real estate head, such as Ares Management.

BlackRock’s real estate business managed $28 billion in assets as of December 31, according to the firm’s Q4 2023 earnings results. The world’s largest asset manager, the firm reached $10 trillion in total AUM by year-end.