Billionaire Jon Gray, Architect Of Blackstone

by Forbes Middle East Forbes Middle East - Business News

When private equity giant Blackstone Group went public in 2007, fewer than a quarter of its $79 billion in assets under management were tied to real estate.

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Soon after the listing came the worst real estate downturn in at least a generation and it sat at the epicenter of a severe financial crisis. That tumult proved to be an opportunity for the head of Blackstones real estate business, billionaire Jonathan Gray.
The unit navigated the crisis as other firms faltered. Grays seminal deals like the takeovers of Equity Office Properties and Hilton HLT +1.7% succeeded, a contrast to competitors troubles with Caesars and Archstone.