Blackstone Group LP-backed BioMed Realty Trust Inc. paid approximately $135 million to acquire the Emeryville Center for Innovation.

The property in Emeryville, Calif., currently comprises a 250,000-square-foot, six-story life science office building with adjacent developable land parcels.

In connection with the deal, pharmaceutical company Novartis AG will enter into a one-year leaseback on the existing building. In that time, the office real estate investment trust will redevelop the building into a class A+ multi-tenant laboratory and office facility.

BioMed can develop about 850,000 square feet of additional laboratory and office space on the property through an existing development agreement with the city of Emeryville.