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A $491 million loan from Blackstone Mortgage Trust will fund the acquisition and lab conversion of Charles Park One and Two in East Cambridge into life science space, according to a report.

The Davis Cos. of Boston is joining current owner Principal Global Investors as owner of the property, which totals over 400,000 square feet of class A office space, the Commercial Observer reported.

The two-building office complex was developed in 1994.

The Davis Cos. was not immediately available for comment. According to the Commercial Observer, Principal Global Investors would remain part of the new ownership structure.

Life science demand has spread east from Kendall Square into the surrounding neighborhood as DivcoWest builds out its Cambridge Crossing development for tenants including Sanofi Genzyme. New England Development is planning to build up to 685,000 square feet of office and lab space in its partial redevelopment of the Cambridgeside mall property.

Asking rents for class A lab space in East Cambridge hit $110 per square foot in late 2020, according to a recent report by Newmark Knight Frank.