{"id":1004778489,"date":"2025-11-18T05:34:33","date_gmt":"2025-11-18T13:34:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004778489"},"modified":"2025-11-18T07:10:32","modified_gmt":"2025-11-18T15:10:32","slug":"breakthrough-properties-closes-430m-fund","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/breakthrough-properties-closes-430m-fund\/","title":{"rendered":"Breakthrough Properties Closes $430M Fund"},"content":{"rendered":"\n

Breakthrough Properties has reached the first closing for its Breakthrough Properties Growth Portfolio II fund, which will target Class A life science real estate across the U.S. and Europe.<\/p>\n\n\n

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\"An<\/a>
Torrey Heights by Breakthrough. Photo by Jason O\u2019Rear, courtesy of Breakthrough Properties<\/em><\/figcaption><\/figure><\/div>\n\n\n

The fund\u2019s $430 million first closing amount reflects both direct capital and co-investment commitments and builds on Breakthrough\u2019s $3 billion inaugural life science investment fund, which closed in 2022. That first fund was invested in a portfolio of projects totaling nearly 6 million square feet.<\/p>\n\n\n\n

Participants in this closing included institutional and private investors such as global asset managers, investment advisors, pension funds and family offices. Breakthrough plans to invest \u201cacross a range of life science asset profiles and markets, targeting a blended value-add return.\u201d Subsequent closings are planned for 2026.<\/p>\n\n\n\n

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READ ALSO<\/strong>: Is 2025 or 2026 the Year for Sale-Leaseback Deals?<\/a><\/p>\n\n\n\n

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A joint venture of Tishman Speyer and Bellco Capital, Breakthrough reportedly is the only dedicated life science real estate manager that\u2019s active across the U.S., U.K. and continental Europe. Its current life science assets encompass purpose-built developments, value-add conversions and core\/core-plus properties across eight major biopharma markets.<\/p>\n\n\n\n

Breakthrough’s projects include Torrey Heights in San Diego, One Helix in Amsterdam and One Milestone at the forthcoming Harvard Enterprise Research Campus in Boston<\/a>. More than 60 percent of the company\u2019s global portfolio is currently leased to such investment-grade companies as Pfizer, AstraZeneca, Eli Lilly, Bristol Myers Squibb, BD and Roche.<\/p>\n\n\n\n

In prepared remarks, Breakthrough CEO Dan Belldegrun said that \u201ctransitory market dynamics\u201d have created an opportunity to \u201cacquire high-quality assets at heavily disrupted pricing\u201d and take advantage of the sector\u2019s longer-term tailwinds as generalist investors are withdrawing and new supply is highly constrained.<\/p>\n\n\n\n

Growth versus disruption<\/h2>\n\n\n\n

In February, Breakthrough acquired MUSE<\/a>, a three-building, 186,000-square-foot life science campus in the Torrey Pines submarket of San Diego, for $159 million. The seller was Diversified Healthcare Trust, and the property\u2019s occupancy was reported to be 49 percent leased. Breakthrough indicated that it planned to reposition the one vacant building into wet lab space.<\/p>\n\n\n\n

Just last month, a report from JLL suggested that AI could deeply disrupt the life science real estate sector<\/a>, by cutting demand for space. One of the factors behind this potential upheaval is substantial growth of AI-native biotech companies. These are currently taking at least 15 percent of all U.S. biotech venture capital deals and use only about two-thirds the space per employee of traditional biopharma companies.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Transitory market dynamics are creating opportunities for investors targeting Class A life science assets.<\/p>\n","protected":false},"author":882,"featured_media":1004733591,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,23891,21742,21747],"tags":[46343,49894,33224],"class_list":["post-1004778489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-national","category-latest","category-office","tag-bellco-capital","tag-breakthrough-properties","tag-tishman-speyer"],"acf":[],"yoast_head":"\nBreakthrough Properties Closes $430M Fund - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Breakthrough Properties has closed its Breakthrough Properties Growth Portfolio II fund, which will be invested in the U.S. and Europe.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/breakthrough-properties-closes-430m-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Breakthrough Properties Closes $430M Fund\" \/>\n<meta property=\"og:description\" content=\"Breakthrough Properties has closed its Breakthrough Properties Growth Portfolio II fund, which will be invested in the U.S. and Europe.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/breakthrough-properties-closes-430m-fund\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-11-18T13:34:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-18T15:10:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Breakthrough_Properties_Torrey_View.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2023\" \/>\n\t<meta property=\"og:image:height\" content=\"1517\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/breakthrough-properties-closes-430m-fund\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/breakthrough-properties-closes-430m-fund\/\",\"name\":\"Breakthrough Properties Closes $430M Fund - 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