Seeing green: Breakthrough Properties raises $3B to build in biotech

Seeing green: Breakthrough Properties raises $3B to build in biotech

Dollar signs aren’t the only green thing at Breakthrough Properties. A joint venture of biotech investment firm Bellco Capital and real estate developer and investor Tishman Speyer, Breakthrough’s $3 billion fund will go to buying and building biotech facilities in the U.S. and Europe, with a focus on sustainability.

Breakthrough’s portfolio includes The 105 by Breakthrough in Boston, which gene-editing giant CRISPR Therapeutics has fully leased and is now under construction. In 2021, Breakthrough also broke ground on Torrey View, a research and development campus in San Diego that the biosciences arm of global medtech company BD has pre-leased

Bellco Capital—created by husband and wife duo Arie and Rebecka Belldegrun—founded Kite Pharma, which Gilead acquired for $11.9 billion in 2017, and Allogene Therapeutics, the second-largest biotech IPO in 2018.

Not to be outdone, Tishman Speyer has acquired, developed, and operated 498 properties for a combined value of more than $124 billion since its start in 1978. Its current portfolio includes iconic assets across the globe, including Rockefeller Center in New York City.

Breakthrough Life Science Property Fund is one of the largest real estate funds dedicated solely to life sciences. Aiming to buy, build and operate the best life science properties, the company is focused on leading urban tech centers in biotech, agriculture and nutrition.

The company aims for LEED Gold certification at all its U.S. properties and BREEAM Outstanding in the U.K. and European Union. Breakthrough 105 is also targeting certification under the Fitwel program that focuses on tenant well-being.

Breakthrough’s initial funding goal was $1.5 billion, but sovereign wealth funds and other global investors helped them double that figure, a strong vote of confidence for the biotech builder.

Founded in 2019, the Los Angeles-based company has 4.6 million square feet of life science projects in its pipeline. The $3 billion will finance ongoing building projects, which are in various stages of development, and fuel additional opportunities. Despite its large financial footprint, Breakthrough is limiting its carbon print and aims to boost energy efficiency, cut carbon emissions and provide healthy workspaces.

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