Breakthrough Properties Acquires Majority Interest in Callan Ridge, A Newly-Constructed, Fully-Leased Life Science Campus in Torrey Pines

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Jan 10, 2024, 16:15 ET

The Acquisition, Via a Strategic Joint Venture with Healthpeak Properties, Further Accelerates Breakthrough's Growth in Premier Biotech Hubs

SAN DIEGO, Calif., Jan. 10, 2024 /PRNewswire/ -- Breakthrough Properties ("Breakthrough"), a leading global life sciences real estate developer, today announced it has acquired a majority interest in Callan Ridge, a two-building Class A life science campus nearing completion in San Diego's preeminent Torrey Pines cluster. The 185,000-square-foot campus is fully leased to Turning Point Therapeutics, Inc., a subsidiary of Bristol-Myers Squibb Company (NYSE: BMY), through April 2035.

Breakthrough, which is a joint venture of global developer Tishman Speyer and biotechnology investment firm Bellco Capital, will own a 65% interest in Callan Ridge, while the project's developer, Healthpeak Properties (NYSE: PEAK), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, will retain a 35% interest.

The three-story campus, which commenced construction in 2021, incorporates a wide range of sustainable building features, including electrochromic windows, photovoltaic glass panels, recycled steel and concrete, drought-tolerant landscaping and the largest single-building green roof in San Diego. The joint venture will pursue LEED Gold certification upon full completion of the development. Ideally situated adjacent to the Torrey Pines Science Park and in close proximity to San Diego's leading research institutes, Callan Ridge also features unobstructed panoramic views of the Torrey Pines State Natural Reserve.

"Callan Ridge presented us with a unique opportunity to acquire a newly-developed, trophy quality research campus in the heart of Torrey Pines – where Class A assets rarely become available – while also forming a new strategic partnership with the team at Healthpeak," said Breakthrough Properties Executive Vice President and Chief Investment Officer Daniel D'Orazi. "Torrey Pines is one of the nation's leading biotech submarkets offering a dynamic ecosystem of research institutes, early-stage innovation and big pharma, proving throughout cycles to be one of the most sought-after clusters in the world."

Breakthrough is one of the most active players in global life science real estate, with a total portfolio and pipeline of more than five million square feet across seven leading biotech clusters in the U.S. and Europe. In San Diego, Breakthrough is also nearing completion on its 10-acre Torrey View by Breakthrough campus, which will be anchored by a diverse mix of biotech users including a new innovation center for Becton, Dickinson and Company. Breakthrough also owns and operates Torrey Plaza in San Diego, a three-building life science campus within the Del Mar Heights submarket which is the inaugural home of Breakthrough's StudioLabs platform.

About Breakthrough Properties (www.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.

SOURCE Breakthrough Properties