Blackstone demolition

Blackstone’s real estate group broke new ground when it bought Equity Office Properties for $39bn last year. Soon after, it sold more than half the property portfolio. Blackstone made a tidy profit as seller, but there’s at least one serious case of buyer’s remorse. Problems with commercial real estate could spread. Blackstone’s team, headed by Jonathan Gray, could be in a position to make money from the pain. Real estate magnate Harry Macklowe’s eponymous property firm bought $7bn of assets fr...