Tishman Speyer has taken the leap into life sciences. The firm, along with its partner Bellco Capital, announced the formation of Breakthrough Properties, a life sciences platform that will acquire, develop and operate life sciences properties in leading tech markets around the globe, in a bid to support scientific innovation across the biotech, agriculture and nutrition sectors.
The new company also announced its first acquisition, a development site along the A Street corridor in the Seaport District of Boston. The site, located in a city that has consistently been named the top life sciences market in the world, has 250,000 square feet of development rights. The firm said it anticipates a 2021 completion date for the project.
Los Angeles-based Bellco is a venture capital firm founded in 2003 by medical doctors. The company focuses on investing in the life sciences sector. Tishman Speyer, one of the largest office owners in Manhattan, said that with the new life sciences division, they plan to create world-class specialized research centers.
A growing sector
The life sciences real estate sector has experienced increased momentum over the last several years. According to a recent report, the U.S. life sciences industry is growing at the fastest pace since 2000, as employment in the sector shot up 42 percent over the last 20 years. Last month, Discovery Labs announced the development of a 1.6 million-square-foot coworking complex in suburban Philadelphia that will cater to health-care, life sciences and tech companies.
This isn’t the first time Tishman Speyer has launched a platform in a growing real estate sector. Last year, the company announced the launch of Studio, its in-house coworking brand that will be introduced in six markets around the world, including the first location—Rockefeller Center in Manhattan. The firm created the division in order to meet demand for flex office space from clients and prospective tenants.