The pandemic has sent shock waves through the commercial real estate market as malls, restaurants, and retail outlets struggle to survive, but spaces devoted to labs and life sciences are thriving.
Lab personnel continue to operate across the U.S., especially those helping to create vaccines and treatments to fight Covid-19. And investors are there to encourage them.
(ticker: BX), the commercial real estate and private equity giant, announced on Monday a $3.45 billion deal for a group of life sciences buildings in Cambridge, Mass.–a hotbed of lab activity.
The complex, which Blackstone is buying from
Brookfield Asset Management
(BAM), includes 2.3 million square feet of space near the Massachusetts Institute of Technology.
“This transaction illustrates Blackstone’s continued conviction in the life sciences space both broadly, and within real estate, investing in best-in-class assets located adjacent to top-tier research and education institutions,” Nadeem Meghji,