Blackstone Group announced today that it will buy commercial real estate management group Gramercy Property Trust for $7.6 billion.

The all-cash deal reinforces Blackstone’s real estate business which, according to an article from Reuters, has been a bigger earner for the company than its bread-and-butter private equity division.

In tandem with its move toward real estate, earlier this year Blackstone promoted Jonathan Gray to president and chief operating officer. Gray is credited with turning the firm into the world’s biggest real estate investor.

The deal is set to close in the second half of the year, and Gramercy’s shareholders will receive 37.5 cents per share in Q2.