Properties, a joint venture formed in 2019 by Tishman Speyer and Bellco Capital,
has completed the initial closings of the Breakthrough Life Science Property Fund.
The venture has, in aggregate, raised over $1 billion
in capital for the Fund and in co-investments.
is seeking additional capital, including for the
perpetual life real estate investment vehicle that was created as part of the
Fund, to build a portfolio of world-class life science research properties.
Fund seeks to develop and acquire cutting edge lab facilities across leading
biotechnology markets around the world.
Breakthrough Properties team plans to scale a best-in-class portfolio and deliver
full-service ecosystems to meet the evolving needs of life science innovators.
by the firms’ combined resources, the Fund intends to create dynamic environments
that foster collaboration among life science industry leaders and strategic
research institutions, with the goal of enabling entrepreneurs and researchers
to make potentially life-changing discoveries at every stage of development.
environments are expected to include best-in-class physical infrastructure, with
a curated tenancy, collaborative amenities and services and dynamic tenant
spaces that meet the needs of early, mid and late stage companies as they work
to develop new medical treatments.
The Fund’s initial closings come after Breakthrough announced in July that a leading gene editing company, CRISPR Therapeutics, signed a 263,500 s/f lease agreement for “The 105,” a new development located at 105 West First Street in Boston (pictured top) which is scheduled for completion in early 2022.
full-building lease transaction was executed just one year after site acquisition
in July 2019 and four months after groundbreaking.
Breakthrough’s Co-Founder and Chief Executive Officer Dan Belldegrun said, “Breakthrough is ideally positioned to support a new era in life sciences and help innovators around the globe pursue life-changing discoveries. We are excited to have established our primary property investment vehicle with dedicated partners that will enable us to act quickly on future opportunities.”
Speyer President & CEO and Breakthrough Co-Founder Rob Speyer
commented, “The demand for modern facilities for life sciences research is
enormous. Looking ahead, we intend to be a major
provider of best-in-class specialized centers – providing a complete ecosystem
of support for real innovators pursuing scientific breakthroughs. Our
life sciences property program is off to a strong start with The 105, and other
investments in the pipeline.”
Chairman and Breakthrough Co-Chairman Arie Belldegrun, M.D., FACS, said, “The
life science industry has experienced unprecedented productivity, innovation
and scientific discovery in recent years as biotechnology and technology have
been converging. The events of 2020 have further fueled the need for scientific
innovations. With Breakthrough, we have
created a unique platform for delivering mission critical facilities for these
companies and life science entrepreneurs that support their focus on creating
new therapies that change how we fight disease and improve lives for
generations to come.”
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