Blackstone’s Jonathan Pollack is jumping ship to Starwood Capital Group, but his start date isn’t until next year.
Pollack, who is currently the global head of New York-based Blackstone’s real estate credit business, was tapped to take over as president of Miami Beach-based Starwood starting in 2025, according to a press release. He will take over from Jeffrey Dishner, who will become Starwood’s vice chairman and head of strategy and business development, the release shows.
Blackstone will not be refilling Pollack’s role, the firm confirmed in a statement: “We are delighted for Jonathan Pollack and wish him much success in his new role at Starwood Capital. We are not replacing Jonathan’s role. Tim Johnson has been Global Head of Blackstone Real Estate Debt Strategies since 2021 and will continue in this role.”
Starwood declined to comment.
Pollack has overseen Blackstone’s $84 billion real estate credit business since 2015. He previously headed commercial real estate at Deutsche Bank, where he worked for 16 years. He also sits on Blackstone’s real estate executive, investment and operating committees, the release shows.
In his upcoming role, Pollack will lead Starwood’s executive, investment, disposition and operating committees, chairman and CEO Barry Sternlicht stated in the release. He also indicated ambitions for growth in Starwood’s “next chapter.”
In the earnings call for Starwood Property Trust’s fourth quarter results earlier this month, Sternlicht announced plans to launch a middle-market lending arm. He also touched on the hits the firm has taken thanks to distress in the office market.
“We are in the ship. We are in the boat. We are navigating these waters. We’re going to take some losses. We’re going to be okay,” he said during the meeting.
Starwood’s credit loss reserves reached $307 million in the fourth quarter. While the market has its challenges, Sternlicht also sees opportunity. As of August, the firm had plans to launch a distress investment fund.
