NEW YORK and LOS ANGELES– Breakthrough Properties (“Breakthrough”), a joint venture formed in 2019 by Tishman Spire and Bellco Capital (âBellcoâ), completed the initial closings of the Breakthrough Life Science Property Fund (the âFundâ). The company has, in total, raised more than $ 1 billion in capital for the Fund and in co-investments. Breakthrough is seeking additional capital, including for the Perpetual Life Real Estate Investment Vehicle that has been created as part of the Fund, to build a portfolio of world-class life science research properties.
The Fund seeks to develop and acquire state-of-the-art laboratory facilities in key biotechnology markets around the world. The Breakthrough Properties team will leverage the market expertise and extensive networks of relationships of Tishman Spire, Bellco Capital and the Breakthrough team to rapidly develop a premier portfolio and deliver comprehensive service ecosystems to meet the evolving needs of life science innovators.
Supported by the combined resources of companies, the Fund intends to create dynamic environments that foster collaboration between leaders of the life sciences industry and strategic research institutes, with the aim of enabling entrepreneurs and for researchers to make life-changing discoveries at every stage of development. These environments should include world-class physical infrastructure, with organized tenancy, collaborative equipment and services, and dynamic tenant spaces that meet the needs of early, mid-stage and advanced-stage businesses as they work to develop new ones. medical treatments.
The Fund’s initial closures come after Breakthrough announced in July that a leading gene-editing company, CRISPR Therapeutics, had signed a 263,500-square-foot lease for “The 105,” a new development located at 105 West First Street at Boston, whose delivery is scheduled for early 2022. The full-building rental operation was carried out only one year after the acquisition of the site in July 2019 and four months after the inauguration.
Co-founder and CEO of Breakthrough Dan Belldegrun said, âBreakthrough is uniquely positioned to support a new era in life sciences and help innovators around the world pursue life-changing discoveries. We are delighted to have established our primary real estate investment vehicle with dedicated partners who will allow us to act quickly on future opportunities. “
Tishman Speyer President and CEO and Breakthrough Co-Founder Rob Speyer said, âThe demand for modern facilities for life science research is enormous. Going forward, we intend to be a leading provider of premier specialty centers, offering a full ecosystem of support to true innovators seeking scientific breakthroughs. Our life sciences real estate program got off to a good start with The 105 and other ongoing investments. “
President of Bellco and Co-President of Breakthrough Arie Belldegrun, MD, FACS, said, âThe life science industry has experienced unprecedented productivity, innovation and scientific discovery in recent years as biotechnology and technology converged. The events of 2020 further fueled the need for scientific innovations. With Breakthrough, we’ve created a unique platform to provide mission-critical facilities for those life science companies and entrepreneurs who support their focus on creating new therapies that change the way we fight disease and improve the lives of generations to come. “
– Advertising –