Blackstone Acquires $358 Million Industrial Portfolio From Iron Mountain
12.07.20
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The Firm represented affiliates of Blackstone Real Estate Income Trust, Inc. (“BREIT”) in connection with the acquisition of a portfolio of 13 industrial facilities from an affiliate of Iron Mountain (NYSE: IRM). The transaction, totaling 2.1 million square feet, is a sale-leaseback transaction with the properties located predominantly in California, northern New Jersey and the Lehigh Valley. Iron Mountain will remain in these facilities under an initial ten-year lease term, with options to renew up to an additional 20 years.
The Simpson Thacher team included Sas Mehrara, Ari Goldman, Brendan Galloway, Nick Draeger and Michael Scala (Real Estate); Nancy Mehlman and Jasmine Hay (Tax); and Jeanne M. Annarumma (ECEB).