BioMed Realty's proposed life science development at 585 Third St. in Cambridge. Image courtesy of CBT Architects
A group of existing BioMed Realty investors plan to buy back the company from Blackstone Real Estate Partners, its owner since 2016, for $14.6 billion.
BioMed has been a key player in the growth of Greater Boston’s life science cluster, one of five global markets where it owns a total 11.3 million square feet of office and R&D space.
Blackstone’s Real Estate Partners VIII LP bought BioMed, which previously had operated as a publicly-traded REIT, in 2016 for $8 billion. The latest deal, announced Thursday, would result in $6.5 billion in profits for the fund and co-investors, Blackstone said.
BioMed completed $3.3 billion in life science developments under Blackstone ownership.
BioMed owns 18 life science properties in Boston, Cambridge and Watertown, and is seeking approval for a 550,000-square-foot office-lab building including a community theater at a long-vacant lot at 585 Third St. in Kendall Square.
