Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has raised more than $1 billion in capital for its Breakthrough Life Science Property Fund and in co-investments. The fund’s aim is to develop and acquire state of the art facilities in leading biotechnology markets across the globe. The partnership is seeking additional capital for the perpetual life real estate investment vehicle that was created as part of the fund, as well as to expand the portfolio of life science research properties.
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According to Tishman Speyer President & CEO and Breakthrough Co-Founder Rob Speyer, demand for modern life science research space is significant. The view is echoed by Bellco Chairman and Breakthrough Co-Chairman Arie Belldegrun who said that the industry has experienced unprecedented productivity, innovation and scientific discovery in recent years. He added that the events of this year have further fueled the need for scientific innovation and that Breakthrough Properties will deliver facilities for companies and entrepreneurs focused on creating life-improving therapies.
The initial closings come less than four months since Breakthrough welcomed CRISPR Therapeutics at its new development, The 105, in Boston just a few months after breaking ground. The leading gene editing company signed a full-building lease at the 263,500 square-foot facility, which is slated for completion in early 2022.