A new leader is set to take the helm at Blackstone's $56B nontraded REIT.

Blackstone Real Estate Income Trust named Chief Operating Officer Wesley LePatner as its next CEO, effective Jan. 1. She will step into the role following the retirement of Frank Cohen, who has worked for Blackstone for nearly 30 years, the company said in a press release Friday.

“I am honored to become CEO of BREIT,” LePatner said in a statement. “It has been an honor to work alongside Frank since I joined Blackstone ten years ago and I wish him the best in his next chapter."

LePatner joined Blackstone in 2014 as a senior managing director and global head of Core+ Real Estate, its longer-term investment vehicle in global gateway cities. LePatner has also helped “conceive, build and operationalize” BREIT as chief operating officer and board member.

Cohen joined Blackstone in 1996 and has been involved in more than $100B in real estate transactions. Before becoming CEO of BREIT, Cohen oversaw acquisitions in the Americas and Core+ Real Estate. Cohen will remain BREIT's chairman of the board.

“I want to express my deepest gratitude to Steve, Jon and the entire Blackstone team for creating the culture of excellence that has made this a first-rate place for our employees and investors alike,” Cohen said in a statement. “Wesley is a phenomenal leader and I look forward to seeing her continue to drive exceptional performance for BREIT’s investors.”

The news comes as BREIT has seen a surge in investors cashing out.

Withdrawal requests hit $806M in June, exceeding its stated limit of 5% for the second quarter, but it still fulfilled 100% of the requests. A competing nontraded REIT run by Starwood tightened its limit on investor payouts in May, a move that caused a spike in withdrawals across the sector.