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Breakthrough Properties racks up $3bn for fund

Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, has closed its life science property fund at $3 billion, beating its initial $1.5 billion target.

Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, has closed its life science property fund at $3 billion, beating its initial $1.5 billion target. Life Science Property Fund’s backers include institutional investors, sovereign wealth funds and high-net worth individuals spanning four continents.

PRESS RELEASE

Los Angeles, April 29, 2022 – Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, today announced the final closings for the Breakthrough Life Science Property Fund. The venture raised $3 billion in direct capital and co-investments, to scale a global portfolio of best-in-class ecosystems for dynamic early-, mid-, and late-stage life science companies.

The $3 billion raised in fund and co-investment capital surpassed Breakthrough’s initial $1.5 billion target. 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 spanning four continents.

Founded in 2019, Breakthrough has established itself as one of the most active players in the life science sector with 4.6 million square-feet of projects in the pipeline across San Diego, Boston/Cambridge, Philadelphia, Amsterdam, Oxford, and Cambridge, UK.

Breakthrough will use the newly raised funds to finance its ongoing developments, which are in various stages of design, construction and pre-development, and fuel its pursuit of additional opportunities throughout the United States and Europe.

Through a range of ground-up campus developments, lab conversions and StudioLabs, the company’s proprietary flex lab program geared toward hyper-growth start-ups, Breakthrough provides cutting-edge environments to the full spectrum of life science innovators – ranging from venture-backed discovery companies to established big pharma anchors. Breakthrough will continue to leverage the market expertise and vast relationship networks of Tishman Speyer, Bellco Capital and its Scientific Advisory Board to create environments for leading biotechnology innovators and offers services to support their long-term business needs.

Over the past three years, Breakthrough has assembled an exceptional team of life sciences professionals adept at curating scientific ecosystems defined by best-in-class infrastructure, collaborative amenities and services, and dynamic tenant spaces that meet the needs of the world’s most innovative companies at any point in their growth.

Breakthrough Co-Founder and Chief Executive Officer Dan Belldegrun said, “Breakthrough was founded just three years ago with a mandate to create and operate inspired, cutting-edge environments for life sciences entrepreneurs and researchers on their quest to discover life-saving treatments for patients. We are honored to support our inspirational clients and partners and grateful for the confidence demonstrated by our investors. We look forward to putting these resources to work in support of the next generation of critical discoveries.”

Tishman Speyer CEO and Breakthrough Co-Chairman Rob Speyer commented, “Breakthrough Properties was created on the conviction that Tishman Speyer’s global real estate and investment platform paired with Bellco’s life science expertise and deep relationships would make for an unbeatable combination. There is an acute and accelerating need for well-located, cutting-edge lab space. The Breakthrough Life Science Property Fund can enable us to deliver more of these projects across the U.S. and Europe.”

Bellco Chairman and Breakthrough Co-Chairman Arie Belldegrun, M.D., FACS, said, “Breakthrough Properties promises a new way to curate environments that foster life-changing and life-saving discoveries. Our platform recognizes that best-in-class infrastructure is but one component of a thriving ecosystem. It also requires mentorship, innovation spaces, 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 its doors later this year. In 2021, Breakthrough broke ground on its 515,000-square-foot Torrey View by Breakthrough development, a 10-acre research and development campus in San Diego which signed a major prelease with the biosciences 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 of Breakthrough’s initiatives, with a particular emphasis on increasing energy efficiency, reducing carbon emissions and providing healthy workspaces for users. Breakthrough targets LEED Gold certification at all of its United States properties and BREEAM Outstanding certification in all of its projects across the United Kingdom and European Union.

About Breakthrough Properties (btprop.com)
Formed in 2019 as a joint venture between global real estate owner, developer and investor Tishman Speyer and biotechnology investment firm Bellco Capital, Breakthrough Properties is a life science real estate development company that leverages cross-sector collaboration to deliver environments that foster innovation and scientific breakthroughs. Breakthrough Properties’ mission is to acquire, develop and operate the best life science properties in leading urban technology centers around the world and support scientific innovation across biotechnology, agriculture and nutrition. Breakthrough combines Tishman Speyer’s decades of global real estate development experience with Bellco Capital’s industry-making biotechnology entrepreneurship to reimagine environments where companies can create life-changing therapies for patients.