Blackstone announced that Blackstone Property Partners Life Sciences (BPP Life Sciences) has completed its previously announced acquisition of a best‐in‐class, 2.3 million square foot portfolio of lab office buildings from a Brookfield Asset Management real estate fund for $3.4 billion.
BPP Life Sciences is Blackstone Real Estate’s long-term, perpetual capital, core+ return life sciences strategy. BPP Life Sciences owns BioMed Realty, Blackstone’s life science real estate portfolio company.
Concurrent with close, Blackstone executed upon the sale of two life sciences assets affiliated with Johns Hopkins Medicine to Ventas, Inc. Pro forma for the sale, 97% of the portfolio is concentrated in Cambridge, Massachusetts.
Two thirds of BioMed Realty’s platform, which has an enterprise value of approximately $20 billion, is concentrated in the Boston/Cambridge market, one of the fastest growing lab office submarkets in the country due to its adjacency to world-leading academic institutions and the largest cluster of pharmaceutical companies in the U.S.