Tyler Henritze, Senior Managing Director in the Real Estate Group and the Head of Acquisitions Americas
Tyler Henritze, like Miyasaki, came from a real estate family and landed at Blackstone early on in his career.
He's spent his career working on many of Blackstone's largest acquisitions, racking up more than $100 billion in transactions since joining the firm in 2004, including the purchase of Sam Zell's Equity Office Properties portfolio and the acquisition of motel brand Motel 6.
He is another evangelist of Blackstone's thematic investing strategy.
"What we're trying to do, and trying to see is not micro-trends, not what is happening on one street corner in one market, but the macro shifts, the technological shifts, the demographic shifts that are sizable that may relate to an entire city, an entire region, or an entire asset class," New York-based Henritze told Business Insider.
He sees his job as coordinating that process, making it possible to be ahead of others in the market. While this could mean picking up distressed assets at a lower price, these assets also need to fit into Blackstone's thematic picture of the world.
"Certain sectors that are distressed and dislocated, but if they face long term headwinds we're much more cautious and have no problem deemphasizing those strategies," Henritze said.
Henritze helped to lead the record-breaking GLP industrial deal that solidified Blackstone's dominance in logistics.
The deal was an evolution of Blackstone's industrial strategy, which had previously focused on massive distribution centers that support both e-commerce and physical retail supply chains. The continuing rise of e-commerce has more recently elevated smaller warehouses that are closer to urban centers, or last-mile logistics, as customer expect faster delivery speeds
"The package you buy online is repositioned many more times as it moves through a delivery supply chain to get to your home than it would be when sold through a traditional retail facility," Henritze said.
The GLP portfolio was a goldmine for these sorts of assets, and while Blackstone always hopes to be ahead of the rest of the market, it had a worthy competitor in industrial REIT Prologis, who also was looking to purchase the portfolio.
Blackstone's cash on hand, not reliant on any time-consuming and potentially-risky debt financing, was the likely reason why Blackstone was able to
Blackstone continues to track these tred worldwide.
"We are constantly trying to identify trends in one region that may apply to other parts of the world where we invest," Henritze said. "The demand for last mile logistics has proven to be a global phenomenon."
As for the coronavirus, Henritze has been impressed by the company's ability to continue normal operations under abnormal conditions, citing frequent calls between international teams.
"We realized our culture of over-communicating is a real asset and more important than ever when the team is not all in the same place," Henritze said.
Like Miyasaki, he sees the virus as a likely accelerator of many trends, like last-mile logistics, that the firm is tracking.
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