Breakthrough Properties Acquires MUSE, A Three-Building Trophy Life Science Campus In San Diego
(MENAFN- PR Newswire)
Breakthrough, a joint venture of global developer Tishman Speyer and biotechnology investment firm Bellco Capital, purchased MUSE for $159 million. MUSE consists of three buildings totaling 186,000 square feet offering sweeping panoramic views located in the heart of Torrey Pines. The campus was recently repositioned with a new exterior glass façade and enhanced amenity offering including a new fitness center, indoor/outdoor conference center, activated landscaping with outdoor seating and games, and a full-service café.
Two of the buildings were recently upgraded to modern labs and are fully leased on a long-term basis, while one vacant building will be repositioned to provide robust and flexible wet lab space to accommodate a variety of life science research.
"MUSE presented a rare opportunity to expand our portfolio with a value-add campus in one of the world's foremost life science clusters," said Breakthrough Properties EVP and Chief Investment Officer Dan D'Orazi. "With flexible design, expansive amenities and close proximity to major research institutions, MUSE is the ideal setting for a wide range of companies, from early-stage biotechs to established pharma."
Breakthrough is one of the most active players in the sector with a portfolio that spans more than five million square feet of premier life science environments in operation and in the development pipeline across the United States and Europe. In September, Breakthrough celebrated the opening of Torrey Heights, its newly developed campus in nearby Del Mar Heights. Breakthrough pre-leased the entire 520,000-square-foot research and development center to an impressive lineup of leading companies – including Pfizer, Becton Dickinson, Charles River and two high-growth biotechs. Other San Diego holdings include Torrey Plaza, Callan Ridge and Governor Pointe.
About Breakthrough Properties ( )
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.
SOURCE Breakthrough Properties
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