Tishman Speyer, Breakthrough Provide $90M Life Science Loan
The property serves as a key pharma company's global headquarters.
Breakthrough Properties and Tishman Speyer have jointly invested in a $90 million mezzanine bridge loan for Aperture Del Mar, a 538,000-square-foot Class A life science campus in San Diego, the lenders announced Thursday. The borrower was Gemdale USA, which will use the proceeds to refinance an existing loan.
Aperture Del Mar is a four-building lab and office campus in Del Mar Heights that is fully occupied by Neurocrine Biosciences, a biopharmaceutical company specializing in developing treatments for under-addressed disorders.
The campus serves as Neurocrine’s global headquarters under a lease that runs through 2036. Amenities include a standalone fitness center with a yoga studio and juice bar, an outdoor event lawn, private patios and courtyard, and a 1,500-space parking garage.
Tishman Speyer participated through its recently established debt platform, which acquires previously originated loans in the secondary market and originates new CRE loans tied to institutional-quality residential, industrial, life science, office and mixed-use projects and portfolios across major U.S. markets. Breakthrough participated via its second life science fund, which held its first close, at $430 million, at the end of 2025.
Breakthrough Properties was formed in 2019 as a joint venture between Tishman Speyer and Bellco Capital. Its San Diego–area portfolio includes Torrey Heights, Callan Ridge, MUSE, Torrey Plaza and Governor Pointe, which are leased to companies such as Pfizer, Novartis, Merck and Waters.
San Diego holds steady
In January, Breakthrough refinanced Torrey Heights, its 10-acre, 520,000-square-foot life science development in San Diego, with a five-year, fixed-rate $465 million CMBS loan. The financing was led by JPMorgan Chase, with Deutsche Bank and Goldman Sachs as co-lenders.
At 28.1 percent, overall vacancy in the San Diego life sciences market is essentially unchanged year-over-year, versus 28.2 percent a year ago, according to a second-quarter report from Savills Research. Available space ticked up from 8.9 million to 9.4 million square feet over the same period.
In a noteworthy deal cited by Savills, Sterling Bay and Harrison Street secured $290 million in refinancing for Pacific Center, their 525,000-square-foot life sciences campus in Sorrento Mesa. The sponsors also signed Quantum-Si as the project’s first tenant, leasing the entire sixth floor.
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