Blackstone Raises Wager on Life Sciences With $3.5 Billion Property Deal

Blackstone Group Inc. is amping up its bet on biotechnology lab space and other life-sciences real estate, agreeing to pay $3.45 billion for a portfolio of buildings primarily in the active Cambridge, Mass., market. The acquisition is the latest sign of growing investor interest in life-sciences real estate during the pandemic. Blackstone was already one of the world’s leading investors in this type of property even before the Covid-19 outbreak.