Boston's and Cambridge's biggest landlord betting big on more development

stellarfun

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The biggest private-equity firm in the world has been pouring money into Boston by the billions, buying up prime real estate and investing in promising biotechs.

Blackstone Group said it now owns more than $12 billion worth of real estate in the area, making it the largest commercial landlord in the region by its own estimate. The New York-based firm also has chosen Cambridge as home for its $4.6 billion life sciences investment fund, the biggest of its kind. [Bolding mine]

This huge bet on Boston underscores the explosive growth underway in the life sciences sector — and reflects the fact that Boston and Cambridge together represent the industry’s most important global hub.

And it has emerged as a key player in the office-to-lab conversions taking place around Boston, by acquiring the former John Hancock headquarters in the Seaport and a state office tower across from the Whole Foods Market in the South End. It’s also among the bidders for a key state-owned parcel on the border of Chinatown, left over from the Big Dig.
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He expects the old John Hancock headquarters at 601 Congress St. and a newly constructed 321 Harrison Ave. tower in the South End to reopen as labs sometime next year.
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