Blackstone to buy 2.3 million square foot medical lab near MIT

Blackstone’s life sciences-focused real estate unit plans to purchase a 2.3 million square foot portfolio of lab office buildings from Brookfield Asset Management’s real estate fund for $3.45 billion.

The transaction is slated to close next quarter and represents a sizable move into the Boston/Cambridge market that will make Blackstone the largest life science office owner in the area.

Blackstone Property Partners Life Sciences is a distinct segment of Blackstone’s existing $174 billion real estate business in that it is a long-term, perpetual capital vehicle that is . . .

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