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Blackstone Completes $3.5B Acquisition of Cambridge Lab Portfolio

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.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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