How Blackstone’s Jon Gray undercut his UK counterpart

Profile of exec reveals power move from a decade ago

National /
Jan.January 28, 2021 08:45 AM
Photo Illustration of Blackstone's Jonathan Gray (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)

Photo Illustration of Blackstone’s Jonathan Gray (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)

A decade ago, Blackstone’s Jon Gray was fresh off two multibillion-dollar real estate acquisitions, Equity Office Properties and Hilton, and he was working around the clock.

In London, his European counterpart, Chad Pike, was overseeing a much smaller arm of the company’s real estate investment business.

There was another difference between the two men: According to a profile in Business Insider, which reveals previously unreported details from that period, Pike was a fan of traveling and heli-skiing with his family. He even had a side business offering tours built around the great outdoors. Gray, meanwhile, was known to answer emails in the evenings and on weekends.

Gray went to Blackstone executive Tony James and told him the partnership with Pike wasn’t working, according to BI, which cited a source familiar with the events. Gray said Pike had lost focus. James traveled to London.

Stephen Schwarzman then determined that Pike would be reassigned to an investment arm named tactical opportunities, while Gray would become the sole head of real estate. Pike retired in 2020.

“Yes, of course, I did go to London. That’s a fact,” James told BI. “But you have too much drama around it.”

He added, “I think if you talk to Chad, the tac-opps era was the most fun he has had in his career.”

[BI] — Sylvia Varnham O’Regan






    Related Articles

    arrow_forward_ios
    Blackstone CEO Stephen Schwarzman, and Starwood CEO Barry Sternlicht (Getty)
    Blackstone, Starwood strike $6B deal for Extended Stay America
    Blackstone, Starwood strike $6B deal for Extended Stay America
    Photo Illustration of BioMed Realty CEO Tim Schoen and Alexandria Real Estate Equities CEO Joel S Marcus. (Getty, BioMed)
    Life sciences boom continues with 36M sf in works
    Life sciences boom continues with 36M sf in works
    Blackstone president Jon Gray (Photo via YouTube)
    Blackstone’s quarantine-themed holiday video stars sanitizer, sourdough starter and Santa
    Blackstone’s quarantine-themed holiday video stars sanitizer, sourdough starter and Santa
    Blackstone’s Nadeem Meghji (Blackstone, iStock)
    Blackstone to acquire life-sciences portfolio for $3.45B
    Blackstone to acquire life-sciences portfolio for $3.45B
    Clockwise from left: Blackstone Group's Jonathan Gray, KKR's Henry Kravis and Cerberus Capital Management's Stephen Feinberg (Photos via Getty; iStock; Cerberus)
    Logistics market is hot, but is a bubble forming?
    Logistics market is hot, but is a bubble forming?
    Silvercup Studios in Long Island City, NY (Getty)
    The rise of soundstage real estate, by the numbers
    The rise of soundstage real estate, by the numbers
    Blackstone's Stephen Schwarzman and President Donald Trump (Getty)
    Blackstone’s Schwarzman defends Trump on exec call
    Blackstone’s Schwarzman defends Trump on exec call
    Blackstone's Jonathan Gray (Credit: Getty Images and iStock)
    Here’s a look at Blackstone’s industrial plays after its record-breaking portfolio purchase
    Here’s a look at Blackstone’s industrial plays after its record-breaking portfolio purchase
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...