<SEC-DOCUMENT>0001193125-18-048790.txt : 20180216
<SEC-HEADER>0001193125-18-048790.hdr.sgml : 20180216
<ACCEPTANCE-DATETIME>20180216172240
ACCESSION NUMBER:		0001193125-18-048790
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180213
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180216
DATE AS OF CHANGE:		20180216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Blackstone Group L.P.
		CENTRAL INDEX KEY:			0001393818
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33551
		FILM NUMBER:		18622225

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		(212) 583-5000

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d503324d8k.htm
<DESCRIPTION>8-K
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<HTML><HEAD>
<TITLE>8-K</TITLE>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>WASHINGTON, D.C. 20549 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>CURRENT REPORT
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B><B><I>Date of Report (Date of earliest event reported):</I></B><B> February&nbsp;13, 2018 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>The Blackstone Group L.P. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Exact name of Registrant as specified in its charter) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><FONT STYLE="white-space:nowrap">001-33551</FONT></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><FONT STYLE="white-space:nowrap">20-8875684</FONT></B></FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>(State or other jurisdiction of</I></B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>incorporation)</I></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>(Commission File Number)</I></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>(I.R.S. Employer</I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B><I>Identification No.)</I></B></FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>345 Park Avenue</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>New York, New York</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>10154</B></FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>(Address of principal executive offices)</I></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>(Zip Code)</I></B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(212) <FONT STYLE="white-space:nowrap">583-5000</FONT></B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>(Registrant&#146;s telephone number, including area code) </I></B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>NOT APPLICABLE </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B><I>(Former name or former address, if changed since last report) </I></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT>
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT></FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of
this chapter). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Emerging growth company&nbsp;&nbsp;&#9744; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp; &#9744; </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;5.02</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
</B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On February&nbsp;13, 2018, Blackstone issued a press release announcing that Jonathan D. Gray has been
appointed President and Chief Operating Officer of Blackstone Group Management L.L.C., the general partner (the &#147;General Partner&#148;) of The Blackstone Group L.P. (the &#147;Partnership&#148; and, together with the General Partner,
&#147;Blackstone&#148;). In connection with the appointment of Mr.&nbsp;Gray, which will be effective March&nbsp;1, 2018, Hamilton E. James will transition from his current role as President and Chief Operating Officer and will continue in a
full-time role as Executive Vice Chairman of the General Partner. Mr.&nbsp;Gray and Mr.&nbsp;James will also continue to serve as members of the board of directors of our General Partner and as members of Blackstone&#146;s Management Committee.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Gray, age 48, most recently served as Global Head of Real Estate, a position he held since 2012. Mr.&nbsp;Gray is
also a member of the board of directors of our General Partner. Mr.&nbsp;Gray became a member of the board of directors of our General Partner effective February&nbsp;24, 2012. He also sits on the firm&#146;s Management Committee. Since joining
Blackstone in 1992, Mr.&nbsp;Gray has helped build the largest real estate platform in the world with $115.3&nbsp;billion in investor capital under management. He was promoted to Managing Director in 2000, Senior Managing Director in 2001 and Global
<FONT STYLE="white-space:nowrap">Co-Head</FONT> of Real Estate in 2005.<B> </B>Mr.&nbsp;Gray currently serves as Chairman of the board of directors of Hilton Worldwide Holdings Inc. and Nevada Property 1 LLC (The Cosmopolitan of Las Vegas). He is
also a member of the board of directors of Invitation Homes Inc. Mr.&nbsp;Gray also previously served as a board member of Brixmor Property Group Inc. and La Quinta Holdings Inc. He also serves on the board of Harlem Village Academies and Trinity
School. Mr.&nbsp;Gray and his wife, Mindy, established the Basser Center for BRCA at the University of Pennsylvania School of Medicine focused on the prevention and treatment of certain genetically caused cancers. Mr.&nbsp;Gray received a BS in
Economics from the Wharton School, as well as a BA in English from the College of Arts and Sciences at the University of Pennsylvania. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As described in our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2016, Mr.&nbsp;Gray receives compensation as an employee of Blackstone and
invests in and alongside Blackstone&#146;s funds. In addition, an entity currently controlled by Mr.&nbsp;Gray, and an entity previously jointly controlled by Mr.&nbsp;Gray (in which he no longer holds an interest), each wholly own aircraft that we
use for business purposes in the course of our operations. Mr.&nbsp;Gray paid for his respective ownership interest in the aircraft himself and bore his respective share of the operating, personnel and maintenance costs associated with their
operation. The hourly payments we make for such use are based on market rates. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;7.01</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Regulation FD Disclosure. </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A copy of the press release regarding the matters described above has been furnished as Exhibit 99.1 to this Current Report on Form <FONT
STYLE="white-space:nowrap">8-K.</FONT></FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Statements and Exhibits. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(d) Exhibits. </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit<BR><U>No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>


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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="d503324dex991.htm">Press Release, dated February&nbsp;13, 2018. </A></FONT></P></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: February&nbsp;16, 2018 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Blackstone Group L.P.</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">By: Blackstone Group Management L.L.C.,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">its General Partner</FONT></P></TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ John G. Finley</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">John G. Finley</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Legal Officer</FONT></TD></TR>
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<TYPE>EX-99.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jon Gray Named President and Chief Operating Officer of Blackstone; Tony James Named Executive Vice Chairman </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>New York, February</I><I></I><I>&nbsp;13, 2018</I> &#150; Blackstone (NYSE: BX) announced today that Tony James, President and Chief Operating Officer, will
be handing over <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> management of the firm to Jon Gray, Global Head of Real Estate.&nbsp;Mr.&nbsp;James will continue in a full-time role at the firm and assume
the title of Executive Vice Chairman, reporting to Stephen A. Schwarzman, <FONT STYLE="white-space:nowrap">Co-Founder,</FONT> Chairman and Chief Executive Officer.&nbsp;Mr.&nbsp;Gray will become President and Chief Operating Officer also reporting
to Mr.&nbsp;Schwarzman.&nbsp;Two long-time leaders in Blackstone&#146;s real estate group, Ken Caplan and Kathleen McCarthy, have been named Global <FONT STYLE="white-space:nowrap">Co-heads</FONT> of Real Estate succeeding Mr.&nbsp;Gray. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Said Mr.&nbsp;James: &#147;I have had a wonderful 15 years at Blackstone so far and still savor every minute of it.&nbsp;One of my most important
responsibilities is succession, and I am blessed to have a spectacular leader and investor like Jon Gray to whom I can hand the reins.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Gray came to Blackstone in 1992 straight out of college.&nbsp;He started in the private equity and mergers and acquisition areas of the firm before
joining the real estate group at its inception.&nbsp;He has led this area since 2005, helping build the world&#146;s largest real estate business with more than $115&nbsp;billion of investor capital.&nbsp;Blackstone Real Estate has delivered
outstanding performance for investors and grown to be the industry leader in opportunistic, core plus and debt investing across the US, Europe and Asia.&nbsp;Real Estate has accounted for half the firm&#146;s earnings in the last several
years.&nbsp;Mr.&nbsp;Gray sits on Blackstone&#146;s Board of Directors and Management Committee, playing a critical role in firm-wide management, strategy and decision-making. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Commenting on the appointment of Jon Gray, Mr.&nbsp;Schwarzman said:&nbsp;&#147;I&#146;ve learned over the last 26 years that Jon Gray has great judgment,
enormous energy and unique personal charisma, which has enabled him to garner enormous respect within the global financial community. His strong values and passion for excellence are the embodiment of Blackstone&#146;s core principles.&nbsp;The
appointment of Jon as President and COO lays the foundation for the next generation of senior management and positions the firm well for future leadership.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;I have spent my entire career at Blackstone and could not be more proud to be part of this firm,&#148; said Jon Gray.&nbsp;&#147;Despite our tremendous
success to date, I am quite excited about the opportunity to continue to innovate for both our investors and shareholders.&nbsp;I look forward to working closely with Steve, Tony and our immensely talented team to help lead this growth while
maintaining the highest standards of integrity and investment discipline.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;James joined Blackstone in 2002 as Vice Chairman and Chief
Operating Officer and assumed the title of President in 2006 upon the retirement of <FONT STYLE="white-space:nowrap">co-founder</FONT> Peter G. Peterson.&nbsp;Major initiatives led by Mr.&nbsp;James include the firm&#146;s IPO, the acquisitions of
GSO and Strategic Partners, the <FONT STYLE="white-space:nowrap">spin-off</FONT> of the firm&#146;s advisory business into PJT Partners, and the founding of Blackstone&#146;s Tactical Opportunities, Core Private Equity, Infrastructure, Insurance
Solutions and retail initiatives.&nbsp;In his new role, he will continue to sit on the firm&#146;s investment committees, help develop new businesses, serve as a firm spokesman and manage strategic external relationships.&nbsp;He will also continue
to sit on the firm&#146;s Management Committee and Board of Directors.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Commenting on Tony James&#146; new position as Executive Vice Chairman,
Mr.&nbsp;Schwarzman said:&nbsp;&#147;Tony James has had a bigger impact on Blackstone than anyone in the firm&#146;s history.&nbsp;Since he joined, he has been instrumental in evaluating fund investments and conceptualizing and implementing numerous
growth initiatives, expanding AUM many times over, and delivering industry-leading investment performance.&nbsp;He has put in place the internal processes that are the bedrock of the institutionalization of our firm.&nbsp;He is indefatigable, and a
superb leader with unimpeachable integrity.&nbsp;I could not be more pleased that Tony wants to stay fully engaged at Blackstone.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>REAL ESTATE
APPOINTMENTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As the new Global <FONT STYLE="white-space:nowrap">Co-Heads</FONT> of Real Estate, Ken Caplan and Kathleen McCarthy have extensive
experience with every aspect of the Real Estate business and have helped oversee its major functions. Jon Gray will remain Chairman of the Real Estate Investment Committee and will continue to spend considerable time working with Mr.&nbsp;Caplan and
Ms.&nbsp;McCarthy to help ensure the group maintains its strong growth trajectory and investment track record.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Caplan currently serves as a
Senior Managing Director and Global Chief Investment Officer of the Real Estate group. He is another senior leader who has spent nearly all his career at the firm, having joined Blackstone in 1997.&nbsp;During his 21 years at Blackstone, he has been
involved in over $100&nbsp;billion of real estate acquisitions globally. Mr.&nbsp;Caplan spent several years in Blackstone&#146;s London office, serving as Head of Real Estate Europe. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">1/2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;McCarthy currently serves as a Senior Managing Director and Global Chief Operating Officer of Blackstone
Real Estate. She is responsible for the real estate business&#146;s <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations with a particular focus on its investors, capital raising and business
development efforts across new investment products.&nbsp;She has been in real estate her entire career, joining Blackstone in 2010 after a decade in real estate investments and mergers and acquisitions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Having worked closely with Ken and Kathleen for many years, I have tremendous confidence in their ability to continue the group&#146;s strong track
record,&#148; said Jon Gray. &#147;They are excellent investors and operators with remarkable judgment, capable of driving the group to new heights.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Today, Blackstone oversees the largest global real estate investment business, having produced&nbsp;outstanding performance&nbsp;for a quarter
century.&nbsp;Notable transactions and vehicles include: Equity Office, Hilton Worldwide,&nbsp;Logicor, GE Real Estate, India Office, Invitation Homes, Stuyvesant Town, as well as the creation of Blackstone Mortgage Trust&nbsp;(NYSE: BXMT),
Blackstone Real Estate Income Trust&nbsp;(BREIT)&nbsp;and Blackstone Property Partners.</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ABOUT BLACKSTONE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Blackstone is one of the world&#146;s leading investment firms.&nbsp;We seek to create positive economic impact and long-term value for our investors, the
companies we invest in, and the communities in which we work.&nbsp;We do this by using extraordinary people and flexible capital to help companies solve problems.&nbsp;Our asset management businesses, with over $430&nbsp;billion in assets under
management, include investment vehicles focused on private equity, real estate, public debt and equity, <FONT STYLE="white-space:nowrap">non-investment</FONT> grade credit, real assets and secondary funds, all on a global basis.&nbsp;Further
information is available at www.blackstone.com.&nbsp;Follow Blackstone on Twitter @Blackstone.</P>
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