BREAKTHROUGH IN THE NEWS

Torrey View

Breakthrough Properties Raises $3 Billion to Develop Next Generation Life Science Ecosystems

Breakthrough Closes Largest Ever Dedicated Life Science Real Estate Fund, Excluding Recapitalizations of Existing Portfolios

Final Closing Surpasses Initial $1.5 Billion Target to Support World’s Leading Biopharma Companies in Key Clusters Across the United States and Europe

LOS ANGELESApril 29, 2022 /PRNewswire/ — Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, today announced the final closings for the Breakthrough Life Science Property Fund. The venture raised $3 billion in direct capital and co-investments, to scale a global portfolio of best-in-class ecosystems for dynamic early-, mid-, and late-stage life science companies.

The $3 billion raised in fund and co-investment capital surpassed Breakthrough’s initial $1.5 billion target. It is the largest real estate fund dedicated exclusively to the life sciences sector, excluding recapitalizations of existing portfolios, according to CBRE and JLL Research. The Fund was raised from a diverse group of institutional investors, sovereign wealth funds and high net worth individuals spanning four continents.

Founded in 2019, Breakthrough has established itself as one of the most active players in the life science sector with 4.6 million square-feet of projects in the pipeline across San DiegoBoston/CambridgePhiladelphiaAmsterdamOxford, and Cambridge, UK. Breakthrough will use the newly raised funds to finance its ongoing developments, which are in various stages of design, construction and pre-development, and fuel its pursuit of additional opportunities throughout the United States and Europe.

Through a range of ground-up campus developments, lab conversions and StudioLabs, the company’s proprietary flex lab program geared toward hyper-growth start-ups, Breakthrough provides cutting-edge environments to the full spectrum of life science innovators – ranging from venture-backed discovery companies to established big pharma anchors. Breakthrough will continue to leverage the market expertise and vast relationship networks of Tishman Speyer, Bellco Capital and its Scientific Advisory Board to create environments for leading biotechnology innovators and offers services to support their long-term business needs.

Over the past three years, Breakthrough has assembled an exceptional team of life sciences professionals adept at curating scientific ecosystems defined by best-in-class infrastructure, collaborative amenities and services, and dynamic tenant spaces that meet the needs of the world’s most innovative companies at any point in their growth.

Breakthrough Co-Founder and Chief Executive Officer Dan Belldegrun said, “Breakthrough was founded just three years ago with a mandate to create and operate inspired, cutting-edge environments for life sciences entrepreneurs and researchers on their quest to discover life-saving treatments for patients. We are honored to support our inspirational clients and partners and grateful for the confidence demonstrated by our investors. We look forward to putting these resources to work in support of the next generation of critical discoveries.”

Tishman Speyer CEO and Breakthrough Co-Chairman Rob Speyer commented, “Breakthrough Properties was created on the conviction that Tishman Speyer’s global real estate and investment platform paired with Bellco’s life science expertise and deep relationships would make for an unbeatable combination. There is an acute and accelerating need for well-located, cutting-edge lab space. The Breakthrough Life Science Property Fund can enable us to deliver more of these projects across the U.S. and Europe.”

Bellco Chairman and Breakthrough Co-Chairman Arie Belldegrun, M.D., FACS, said, “Breakthrough Properties promises a new way to curate environments that foster life-changing and life-saving discoveries. Our platform recognizes that best-in-class infrastructure is but one component of a thriving ecosystem. It also requires mentorship, innovation spaces, the ability to collaborate with other leading scientists, and access to venture capital.”

Breakthrough’s rapidly growing portfolio includes The 105 by Breakthrough in Boston, which is fully leased to CRISPR Therapeutics and will open its doors later this year. In 2021, Breakthrough broke ground on its 515,000-square-foot Torrey View by Breakthrough development, a 10-acre research and development campus in San Diego which signed a major prelease with the biosciences arm of global medical technology company BD (Becton, Dickinson and Company). Its Torrey Plaza campus, an office-to-lab conversion in San Diego, is leased to a range of innovative companies, including Tandem Diabetes Care, Janux Therapeutics and Protego Biopharma, Inc.

Sustainability is at the forefront of all of Breakthrough’s initiatives, with a particular emphasis on increasing energy efficiency, reducing carbon emissions and providing healthy workspaces for users. Breakthrough targets LEED Gold certification at all of its United States properties and BREEAM Outstanding certification in all of its projects across the United Kingdom and European Union.

About Breakthrough Properties (btprop.com)

Formed in 2019 as a joint venture between global real estate owner, developer and investor Tishman Speyer and biotechnology investment firm Bellco Capital, Breakthrough Properties is a life science real estate development company that leverages cross-sector collaboration to deliver environments that foster innovation and scientific breakthroughs. Breakthrough Properties’ mission is to acquire, develop and operate the best life science properties in leading urban technology centers around the world and support scientific innovation across biotechnology, agriculture and nutrition. Breakthrough combines Tishman Speyer’s decades of global real estate development experience with Bellco Capital’s industry-making biotechnology entrepreneurship to reimagine environments where companies can create life-changing therapies for patients.

About Tishman Speyer (tishmanspeyer.com)

Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 31 key markets across the United StatesEuropeAsia and Latin America. We develop, build and manage premier office, residential and retail spaces for industry-leading tenants, as well as state-of-the-art life science centers through our Breakthrough Properties venture. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers’ evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO., and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 498 properties, totaling 219 million square feet, with a combined value of over $124 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.

About Bellco Capital (bellcocapital.com)

Bellco Capital is an investment firm founded in 2003 by Rebecka Belldegrun, M.D. and Arie Belldegrun, M.D., FACS and is the hub for entrepreneurship within the Bellco life science ecosystem. Bellco has a longstanding track record of building and investing in companies that change the paradigm of care for patients. Today, Bellco builds biopharma companies via its partnership with Two River, a New York-based life science investment firm, and invests in life science companies via Vida Ventures, a leading life sciences venture capital firm – this breadth provides the Bellco ecosystem with even greater reach and visibility to passionate leaders and innovative technologies across life sciences. Bellco’s most notable impact has been in leading the cell therapy field with the founding of Kite Pharma, acquired by Gilead Sciences in 2017 for $11.9 billion, and Allogene Therapeutics, the second largest biotechnology IPO of 2018. For more information, please visit www.bellcocapital.com.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. Any such forward-looking statements are subject to risks and uncertainties, and actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Furthermore, Breakthrough Properties disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes.

SOURCE Breakthrough Properties