Photo of Jonathan Gray Gray has worked at Blackstone since graduating from the University of Pennsylvania.

NEW YORK CITY—Jonathan Gray, who built Blackstone’s real estate business into the world’s largest, is now taking on day-to-day management of the entire operation.  Blackstone said Tuesday that Gray would succeed Tony James as president and COO as James moves into a new role as executive vice chairman. Ken Caplan and Kathleen McCarthy have been named global co-heads of real estate, succeeding Gray.