Breakthrough Properties raises $3 billion to develop next-generation life science ecosystems

Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, today announced the final closings of the Breakthrough Life Science Property Fund. The company has raised $3 billion in direct capital and co-investments, to develop a world-class portfolio of ecosystems for dynamic early-stage, mid-stage and late-stage life sciences companies.

The $3 billion raised in funds and co-investment capital exceeded Breakthrough’s original goal of $1.5 billion. It is the largest real estate fund dedicated exclusively to the life sciences sector, excluding recapitalizations of existing portfolios, according to CBRE and JLL Research. The Fund was raised from a diverse group of institutional investors, sovereign wealth funds and high net worth individuals across four continents.

Founded in 2019, Breakthrough has established itself as one of the most active players in the life sciences industry with 4.6 million square feet of projects underway in San Diego, Boston/Cambridge, Philadelphia, Amsterdam, Oxford and Cambridge, UK. Breakthrough will use the newly raised funds to fund its ongoing developments, which are in various stages of design, construction and pre-development, and will fuel its search for additional opportunities across the United States and Europe.

Through a range of grassroots campus developments, lab conversions and StudioLabs, the company’s proprietary flexible lab program for hyper-growth start-ups, Breakthrough provides state-of-the-art environments for all. life sciences innovators – ranging from venture capital backed ventures from discovery companies to established big pharma stalwarts. Breakthrough will continue to leverage the market expertise and extensive relationship networks of Tishman Speyer, Bellco Capital and its Scientific Advisory Board to create environments for leading biotechnology innovators and offer services to meet their business needs. long-term.

Over the past three years, Breakthrough has assembled an outstanding team of life science professionals adept at curating science ecosystems defined by best-in-class infrastructure, collaborative equipment and services, and vibrant tenant spaces that meet business needs. most innovative in the world. any time during their growth.

Breakthrough Co-Founder and CEO, Dan Belldegrun, said, “Breakthrough was founded just three years ago with a mandate to create and operate inspired, cutting-edge environments for entrepreneurs and researchers in life sciences in their quest to discover life-saving treatments for patients. . We are honored to support our inspiring customers and partners and grateful for the trust shown by our investors. We look forward to putting these resources to use for the next generation of critical discovery. »

Tishman Speyer CEO and Co-Chairman of Breakthrough, Rob Speyer, said, “Breakthrough Properties was created on the belief that Tishman Speyer’s global real estate and investment platform, combined with the science expertise of Bellco’s life and deep connections, would be an unbeatable combination. There is an acute and growing need for well-located, state-of-the-art laboratory spaces. The Breakthrough Life Science Property Fund can enable us to do more of these projects in the United States and Europe.

Bellco President and Breakthrough Co-Chairman Arie Belldegrun, MD, FACS, said, “Breakthrough Properties promises a new way to manage environments that foster life-changing discoveries and save lives. Our platform recognizes that best-in-class infrastructure is just one part of a thriving ecosystem. It also requires mentorship, spaces for innovation, the ability to collaborate with other leading scientists, and access to venture capital.

Breakthrough’s rapidly growing portfolio includes The 105 by Breakthrough in Boston, which is fully leased to CRISPR Therapeutics (Nasdaq: CRSP) and will open later this year. In 2021, Breakthrough opened its 515,000 square foot Torrey View by Breakthrough development, a 10-acre research and development campus in San Diego that signed a major preview with the bioscience arm of global medical technology company BD (Becton , Dickinson and Company) (NYSE: BDX). Its Torrey Plaza campus, an office-to-lab conversion in San Diego, is leased to a range of innovative companies, including Tandem Diabetes Care (Nasdaq: TNDM), Janux Therapeutics (Nasdaq: JANX), and Protego Biopharma, Inc.

Sustainability is at the forefront of all Breakthrough initiatives, with a particular focus on increasing energy efficiency, reducing carbon emissions and providing healthy workspaces for users. Breakthrough is aiming for LEED Gold certification for all of its properties in the US and BREEAM Outstanding certification for all of its projects in the UK and EU.

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