Chicago real estate investment trust Ventas has agreed to purchase the life sciences and medical real estate assets of Wexford Science & Technology from affiliates of Blackstone Real Estate Partners VIII L.P. for $1.5B.

Expected to close in Q4, the deal includes Wedford's developments at the University of Maryland BioPark, 800 West Baltimore St and 801 West Baltimore St (pictured), the Baltimore Business Journal reports.

Wexford has also developed a 638-car parking garage and has proposed a third building on the site at 873 West Baltimore St. Tenants at the UMB BioPark include cancer treatment firm Gliknik, migraine treatment device maker eNeura and Wexford Science.

The acquired portfolio includes 11 universities with a market cap exceeding $1B, Ventas said in a statement. The Baltimore real estate and investment firm partners with universities, academic medical centers and research companies.

As part of the agreement, Ventas will have exclusive rights to jointly develop future projects with Wexford while Wexford will manage the portfolio. Wexford will continue to be independently operated and owned. [BBJ]