Blackstone Property Partners Life Sciences has struck a deal to acquire a 2.3 million square foot portfolio of lab office buildings from a Brookfield Asset Management real estate fund for $3.45 billion. BPPLS is the asset manager's core+ return life sciences strategy that owns BioMed Realty, which Blackstone recently recapped with its existing investors.
The transaction is expected to close in the first quarter of 2021 subject to customary closing conditions.
Approximately 90% of the portfolio is concentrated in Cambridge, Mass. Once the deal closes, Blackstone says it will be the largest life science office owner in that market, and BioMed Realty, which will have an enterprise value of approximately $20 billion, will have two-thirds of its platform concentrated in the Boston/Cambridge market.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
