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Blackstone Trades BioMed Realty to Investor Group 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, who were given the option to cash out or reinvest their proceeds. Headquartered in San Diego, BioMed is the largest private owner of life science office buildings in the U.S.
BREP VIII and co-investors acquired BioMed in January 2016 in a deal valued at $8 billion. Since that time, Blackstone followed its “buy it, fix it, sell it” formula, concentrating the portfolio in core life science markets.
Tim Schoen, president and CEO of BioMed, said, “Our sector continues to prove its resiliency, and now is the logical time to seek long-term capital. This partnership structure and Blackstone’s ongoing support enable us to advance our mission, which is to make concentrated investments in core markets to support the growth of the life science and technology industries.”
Blackstone is commencing a “go-shop” process on behalf of BioMed’s current investors, to be led by Morgan Stanley. Eastdil Secured advised the purchasers.
Pictured: BioMed’s Emeryville Center of Innovation.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
