April 14, 2021
Business News

Blackstone Real Estate Announces Acquisition of Premier Lab Office Portfolio from Brookfield Fund

NEW YORK–()–Blackstone (NYSE: BX) today announced that Blackstone Property Partners Life Sciences (“BPPLS”) will acquire a best‐in‐class, 2.3 million square foot portfolio of lab office buildings from a Brookfield Asset Management real estate fund for $3.45 billion. BPPLS is Blackstone Real Estate’s long-term, perpetual capital, core+ return life sciences strategy that owns BioMed Realty, Blackstone’s life science real estate portfolio company. The transaction is expected to close in the first quarter of 2021 subject to customary closing conditions.

Approximately 90% of the portfolio being acquired is concentrated in Cambridge, Massachusetts. Following the completion of the transaction, Blackstone…

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