In a significant strategic move, investment powerhouse Blackstone is consolidating three of its portfolio companies—ShopCore Properties, Retail Opportunity Investments Corp., and EQ Office—to establish a new real estate entity named Perform Properties. This venture is aimed at enhancing its presence in the office and retail markets.

Overview of Perform Properties

The newly formed Perform Properties boasts an extensive portfolio of 33 million square feet, comprised of 175 different assets spread across 36 markets. The portfolio specifically includes:

• 155 retail locations
• 20 office properties

Noteworthy properties in this new portfolio feature the Charles Schwab building located at 211 Main St. in San Francisco and the iconic Willis Tower in Chicago.

Leadership and Vision

Alex Vouvalides, who previously served as CEO for both ShopCore and EQ Office, has been appointed as the CEO of Perform Properties. He remarked, “In a market where people have more choices than ever, the properties that succeed are those that perform — for tenants, customers, investors, and communities.”

Strategic Background and Portfolio Expansion

Blackstone’s decision to merge these companies has been in the making for several months. Following the departure of ShopCore’s CEO in December, Vouvalides transitioned into the leadership role, signaling the formation of a “best-in-class, diversified real estate operating platform focused on both retail and office assets,” as noted by former CEO Marc Ricks.

The addition of Retail Opportunity Investments Corp. brings 10.5 million square feet of West Coast shopping center space to the Perform Properties lineup, following Blackstone’s $4 billion acquisition of the firm in February.

Recent Activity in Industrial Assets

Beyond retail and office spaces, Blackstone remains proactive in the industrial asset sector. Recently, the firm secured $800 million from Norway’s sovereign wealth fund for investments in U.S. and Canadian logistics, and in April, it acquired a 95% stake in a 6 million square foot U.S. industrial portfolio for $718 million.

Market Reevaluation and Investment Strategy

In light of current market uncertainties, particularly in the context of evolving global trade scenarios under President Donald Trump, Blackstone’s real estate realizations dropped 65%, totaling $4.3 billion in the first quarter compared to the previous year. However, the firm recorded capital inflows of $62 billion—the highest in nearly three years—although only $6.1 billion of that was allocated to real estate investments. As of March, Blackstone held $177 billion in available capital for future investments.

As Blackstone President Jon Gray stated, “When prices reset lower we think of that as an opportunity.”