Blackstone’s $39bn purchase of Equity Office Properties in February 2007 was close timing even by the standards of Jon Gray, the head of Blackstone Real Estate.
The property market was already beginning to seize up and Mr Gray wasted no time executing his plan. Even before the ink on the deal was dry, Blackstone sold $7bn of New York office towers to Harry Macklowe, a prominent local property magnate, and then an additional $20bn worth in the next few weeks to various buyers, keeping the rest for itself.
Several months later, the US private equity group swallowed Hilton Hotels, paying more than $26bn in the process, despite the fact that the market was already sliding and financing no longer as accessible.
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