Marc Ricks is assuming the position of CEO of Blackstone’s retail subsidiary ShopCore – Commercial Observer

Black Stone appointed Marc Ricksa former alphabet Executive, as the new CEO of his subsidiary ShopCore propertieswhich focuses on retail real estate, Commercial Observer has learned.

Ricks will take over from Blackstone’s as CEO of ShopCore Andrea Drasiteswho stepped in on an interim basis after leaving in November 2021 Markus Gilbertwho went; who left; who let will Cushman & Wakefieldis Deputy Chairman of the Private Clients Capital Markets practice.

“Marc is an accomplished leader with deep real estate expertise across all sectors, and we are pleased to have him on board to lead ShopCore’s continued performance and innovation,” said Drasites, now a managing director at Blackstone, in a statement. “ShopCore has made significant strides in executing its disciplined growth strategy focused on maximizing value in well-located, open-air retail centers that drive commerce and connection in their communities.”

In his new role, Ricks will oversee more than 65 shopping centers in 16 states totaling over 14 million square feet, according to Blackstone. ShopCore assets include Canarsie Plaza in brooklyn, Midtown Crossing in Los Angeles and the Downtown Palm Beach Gardens in Palm Beach, Fla.

“The team has done a remarkable job during a complex and unprecedented time for the retail industry in building, nurturing and investing in an exceptional portfolio with a stable and resilient tenant base,” Ricks said in a statement.

He comes to ShopCore after four years as CEO sidewalk labsAlphabet’s urban innovation platform, which has recently been fully integrated into the main organization at Google.

Google did not immediately respond to a request for comment.

As of 2015, Ricks was Senior Vice President of Development for Vornado Realty Trustwhere was involved in the public-private partnership between the company and Development of the Empire State in the controversial plan to rebuild the area immediately surrounds Pennsylvania station. The plan calls for up to 10 skyscrapers, most of which will be built by Vornado.

He also served as head of commercial strategy and industry verticals at Bloomberg LPlike Blackstone.

Mark Hallum can be reached at mhallum@commercialobserver.com.