Blackstone (NYSE:BX) and co-investors say they agree to sell BioMed Realty, the largest private owner of life science office buildings in the U.S., for $14.6B to a group led by existing BioMed investors.

Existing BioMed investors were offered the option to exit for cash or reinvest their proceeds from the sale.

Blackstone says the $14.6B sale price amounts to a $6.5B gain in value from the 2016 purchase of BioMed Realty; the company says the profit is the third highest achieved by any Blackstone fund, behind only dispositions of Hilton Hotels Worldwide and Equity Office Properties Trust.

Blackstone and its investors’ resolve to hold on to the company – the first time Blackstone real estate funds have executed this kind of deal – is the latest sign of intensifying demand for the fast-growing life science real estate niche.


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