Blackstone to pay $3.45b to Brookfield to buy lab office buildings

Blackstone Group has plans to buy lab office buildings from Brookfield Asset Management for $3.45 billion.

About 90 percent of the office space being acquired is located in Cambridge, Mass. The deal, which is expected to close in the first quarter of 2021, will make Blackstone the largest life science office owner in Cambridge.

“This transaction illustrates Blackstone’s continued conviction in the life sciences space both broadly, and within real estate, investing in best-in-class assets located adjacent to top-tier research and education institutions,” said Nadeem Meghji, head of real estate Americas for Blackstone.

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. Cambridge is 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 com