Blackstone’s BioMed Realty has added a 22-building life science and office campus in the US to its portfolio.
BioMed Realty said it has acquired the 1m sqft Flatiron Park located in Boulder, Colorado from a joint venture between Crescent Real Estate, Goldman Sachs Asset Management’s real estate business and Lionstone Investments.
Jon Bergschneider, president of West Coast markets at BioMed Realty, said in addition to BioMed’s initial investment, BioMed expects to invest an additional $200m (€172.8m) in redevelopment costs over time.
Flatiron Park, which is currently 90% leased, will anchor BioMed’s presence in the Boulder region, which houses one of the most highly educated workforces in the country, the company said.
Mike Ruhl, VP of leasing at BioMed Realty, said: “Boulder has always been a market to watch, driven by highly educated talent, robust capital flow, an existing base of life science and tech pioneers and great quality of life.
“As demand for office and lab space in the region continues to grow, we believe BioMed’s integrated platform and expertise is uniquely suited to support companies as they continue to scale in this key market.”
BioMed Realty, a Blackstone portfolio company, owns and operates more than 13.7m sqft of lab, technology and office real estate across seven leading markets in the US and the UK.
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