Blackstone Real Estate Completes Acquisition of Premier Lab Office Portfolio from Brookfield Fund
NEW YORK–(BUSINESS WIRE) – Blackstone (NYSE: BX) announced today that Blackstone Property Partners Life Sciences (“BPP Life Sciences”) has completed its previously announced acquisition of a world-class 2.3 million square foot portfolio of laboratory office buildings from a Brookfield asset management real estate fund for $ 3.4 billion. BPP Life Sciences is Blackstone Real Estate’s long-term strategy for permanent capital, Core + Return Life Sciences. BPP Life Sciences owns BioMed Realty, Blackstone’s real estate portfolio company specializing in life sciences.
Concurrent with the Blackstone close, which was executed on the sale of two Johns Hopkins Medicine-related life sciences assets to Ventas, Inc., 97% of the portfolio is focused on pro forma sales in Cambridge, Massachusetts. Two-thirds of BioMed Realty’s platform, with an enterprise value of approximately $ 20 billion, is focused on the Boston / Cambridge market, one of the fastest growing submarkets for laboratory offices in the country as it is adjacent to the world’s leading academic institutions and the largest Clusters of pharmaceutical companies in the USA
Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, and Wells Fargo Securities LLC acted as financial advisor to Blackstone, and Simpson Thacher & Bartlett LLP acted as legal advisor. Eastdil Secured served as senior financial advisor to Brookfield and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor. Citigroup Global Markets Inc. also provided financial advisory services to Brookfield in connection with the transaction.
The transaction was announced on December 14, 2020.
About Blackstone Real Estate
Blackstone is a leading global real estate investment company. Blackstone’s real estate business was founded in 1991 and has $ 187 billion in investor capital. One of the largest real estate owners in the world, Blackstone owns and operates assets in all major regions and sectors, including logistics, apartment buildings, office, hospitality and retail. Our opportunistic funds seek to acquire under-managed, well-located assets around the world. Blackstone’s Core + strategy invests in highly stabilized real estate globally through regional open-ended funds with a focus on high quality assets and Blackstone Real Estate Income Trust, Inc. (BREIT), a privately held REIT that invests in income generating assets in the United States. Blackstone Real Estate also operates one of the world’s leading real estate debt companies, providing comprehensive financing solutions for the full capital structure and risk spectrum, including the management of Blackstone Mortgage Trust (NYSE: BXMT).