Blackstone to sell BioMed Realty for $14.6b
Blackstone Real Estate Partners VIII L.P. and co-investors have agreed to sell BioMed Realty for $14.6 billion to a group led by existing BioMed investors.
Kathleen McCarthy, global co-head of Blackstone Real Estate, said, “Life science is one of Blackstone’s highest conviction themes, and we have made a number of important investments in this space across the firm. In real estate, many of our investors are eager to maintain or increase their exposure to life science office, and this recapitalization enables them to do that with an extraordinarily high-quality company as well as a trusted partner in Blackstone.”
This is part of a new long-term, perpetual capital, core-plus return strategy managed by Blackstone. BioMed is the largest private owner of life science office buildings in the United States, with an 11.3 million square foot portfolio concentrated in the leading innovation markets including Boston/Cambridge, Mass.; San Francisco; San Diego; Seattle; and C