Breakthrough Properties Raises $430 Million to Propel Next Phase of Growth
First Closing of Breakthrough Properties Growth Portfolio II Builds Upon Successes of Inaugural Fund
LOS ANGELES, Nov. 17, 2025 /PRNewswire/ -- Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, today announced the first closing for its Breakthrough Properties Growth Portfolio II fund, which will invest in a diversified portfolio of Class A life science real estate across leading innovation clusters in the United States and Europe.
Breakthrough's $430 million first closing amount reflects both direct capital and co-investment commitments and builds upon the achievements of Breakthrough's $3 billion inaugural life science investment fund, which closed in 2022.
The only dedicated life science real estate manager active across the U.S., U.K. and continental Europe, Breakthrough used its first fund to invest in a market-leading portfolio of projects spanning nearly six million square feet. Its current life science assets encompass purpose-built developments, value-add conversions and core/core+ properties across eight preeminent biopharma markets.
Breakthrough's signature projects, such as Torrey Heights in San Diego, One Helix in Amsterdam and One Milestone at the forthcoming Harvard Enterprise Research Campus in Boston, have already attracted many of the world's leading life science firms. More than 60 percent of its global portfolio is currently leased to leading investment-grade companies, including Pfizer, AstraZeneca, Eli Lilly, Bristol Myers Squibb, BD and Roche.
Participants in the first closing included institutional and private investors such as global asset managers, investment advisors, pension funds and family offices. Breakthrough, which plans to hold subsequent closings for the fund in 2026, will invest across a range of life science asset profiles and markets, targeting a blended value-add return.
"This closing aligns with the most compelling investment window we've seen in years," said Dan Belldegrun, Chief Executive Officer for Breakthrough Properties. "Transitory market dynamics have generated the opportunity to acquire high quality assets at heavily disrupted pricing and to capitalize on the sector's long-term structural tailwinds. The incredible power of science is only accelerating, generalist investors are retreating and new supply is entirely shut off. We believe these are precisely the ingredients for a fantastic investment vintage. We're grateful to our partners for supporting Breakthrough's exciting next chapter."
Tishman Speyer CEO and Breakthrough Co-Chairman Rob Speyer said, "The first close of Breakthrough's second fund demonstrates the trust we've built with our investment partners. Our initial fund delivered proof of concept. This fund allows us to flex all of Breakthrough's muscles and scale an exceptional portfolio."
Breakthrough Properties Chief Investment Officer Dan D'Orazi added, "Our investment approach will continue to center around Class A assets in prime locations, with an emphasis on attractive entry points and improving market fundamentals. Breakthrough's dedicated life science platform, supported by our partners at Tishman Speyer and Bellco Capital, forms a deep expertise, relationship network and global reach that uniquely positions us to capitalize on opportunities emerging across the market."
Driven by Bellco Capital and Tishman Speyer's demonstrated success and established networks, 70 percent of Breakthrough's leasing has been secured through direct relationships with premier life science users.
Breakthrough is led by an experienced management team with a proven track record of acquiring, developing and operating life science real estate. The firm seeks to employ a user-driven approach and to provide unique insights on where science is trending to deliver a higher standard of quality with a focus on superior design, flexible buildouts and best-in-class amenities.
Breakthrough targets LEED Gold certification at all its U.S. developments and BREEAM Outstanding across its U.K. and European Union projects. In 2025, the Global Real Estate Sustainability Benchmark (GRESB) ranked Breakthrough first amongst its Americas group peers in the Technology/Science sector, highlighting the team's commitment to delivering high quality, sustainable research campuses for its clients.
In addition to creating and cultivating full-service ecosystems, Breakthrough provides access to life science industry pioneers and mentorship services from its world-renowned Scientific Advisory Board and an extensive venture capital network.
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.
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. Target returns are neither a guarantee nor a prediction of future performance and are based on various assumptions. No guarantee is made that such assumptions will materialize as expected or that investments will achieve such targeted results. The term "client" as used herein describes a life sciences firm that is a tenant of Breakthrough or other tenant of a property.
Non-U.S. Persons
This press release is not intended to be distributed, directly or indirectly, outside of the U.S. and is not directed at investors located in non-U.S. jurisdictions.
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