Blackstone Property Partners Life Sciences (BPPLS) has completed the previously announced acquisition of a 2.3 million-square-foot lab office portfolio from a Brookfield Asset Management real estate fund for $3.45 billion. Approximately 90% of the portfolio is located in Cambridge.

After the closing of this transaction, Blackstone is now the largest life science office owner in Cambridge. Cambridge is one of the fastest growing lab office submarkets in the country due to its proximity to world-leading academic institutions and the largest cluster of pharmaceutical companies in the U.S. The Cambridge portfolio is located in East Cambridge, directly adjacent to the Massachusetts Institute of Technology and is currently fully leased.

Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC served as financial advisors to Blackstone and Simpson Thacher & Bartlett LLP served as legal advisor. Eastdil Secured served as lead financial advisor to Brookfield and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor. Citigroup Global Markets Inc. also provided financial advisory services to Brookfield in connection with the transaction.

*Pictured above is an aerial photo of the Massachusetts Institute of Technology campus in Cambridge.