Breakthrough Properties

What Breakthrough Properties does

Breakthrough Properties is a private joint venture between Tishman Speyer (global real estate developer) and Bellco Capital (biotechnology investment firm founded by Arie Belldegrun) that develops, owns, and operates Class A life science research and development facilities for pharmaceutical, biotechnology, and academic research clients across the United States and Europe. Founded in 2019 and headquartered in Los Angeles with regional offices in San Diego, Boston, Philadelphia, New York, and London, the company has built a portfolio spanning more than 6 million square feet of operating and pipeline space across San Diego, Boston, Philadelphia, Boulder, Amsterdam, Oxford, and Cambridge. Its property portfolio includes trophy campuses such as Torrey Heights and Torrey View in San Diego, The 105 in Boston (fully leased to CRISPR Therapeutics), One Helix in Amsterdam (fully leased to AstraZeneca), and One Milestone at Harvard's Enterprise Research Campus, alongside a European pipeline (Trinity in Oxford, Vitrum in Cambridge, One Canal in East Cambridge) and a sub-brand called StudioLabs by Breakthrough that provides turnkey flexible lab and office suites (4,000-15,000 SF) for hyper-growth life science tenants. All European projects target BREEAM Outstanding certification and US projects target LEED Gold, with One Helix having achieved the highest possible sustainability credentials (BREEAM Outstanding and EPC A+++++).

Name

Breakthrough Properties

Legal name

Breakthrough Properties

Website

https://btprop.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

51–100 employees

Short description

Breakthrough Properties is a Tishman Speyer/Bellco Capital joint venture that develops and operates Class A life science research facilities across the US and Europe for pharma, biotech, and academic tenants.

Ownership category

akta.pro rank

Product category

Life Science Real Estate Development

NAICS

Commercial and Institutional Building Construction (23622), Industrial Building Construction (23621)

akta.pro primary industry

Life Sciences/Laboratory Property Management (BPAJAGAL)

akta.pro secondary industry

Life Sciences/Lab Tenant Representation (BPAJALAG)

Keywords

• Life science real estate
• Laboratory development
• Research facilities
• Biotech real estate
• Class A laboratories

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Marketing or Sales

Revenue model

1. Commercial Real Estate Leasing: Breakthrough Properties generates revenue through long-term commercial leases of purpose-built life science facilities to pharmaceutical, biotechnology, and research organizations. Revenue is primarily rental income from Class A laboratory and office spaces across development projects in prime life science clusters. Lease terms typically range from 10-15 years with investment-grade tenant credit profiles.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Breakthrough Properties develops, owns, and operates Class A laboratory and life science research facilities in major U.S. and European innovation clusters. The company leases these purpose-built facilities to biotechnology, pharmaceutical, and life science tenants, including a specialized StudioLabs offering targeted at early-stage and hyper-growth life science companies.

Product overview

Breakthrough Properties is a global life science real estate development company offering a portfolio of research and development facilities across the United States and Europe. The company's core offerings include the StudioLabs sub-brand, which provides turnkey flexible lab and office suites for hyper-growth life science companies, alongside a portfolio of named properties including The 105, Torrey View, One Helix, Trinity, Vitrum, One Milestone, Boulder 38, One Canal, 2300 Market, MUSE, Callan Ridge, and Torrey Heights. These properties range from trophy Class A life science campuses to purpose-built laboratory environments targeting LEED Gold (US) and BREEAM Outstanding (Europe) certifications, serving tenants from early-stage biotechs to established pharmaceutical companies like Pfizer, AstraZeneca, CRISPR Therapeutics, and Genentech.

Differentiator

Problem solved

Functional benefit

Brands

• StudioLabs: A turnkey, flexible lab and office solution designed exclusively for hyper-growth life sciences companies offering fully-furnished private lab and office suites ranging from 4,000 to 15,000 sq ft with flexible short-term leases and on-site concierge service.

Products and services

• Class A Life Science Laboratory and Research Facilities Long-term leased Class A laboratory, research, and development facilities purpose-built for biotechnology, pharmaceutical, and life science tenants in major U.S. and European innovation clusters.
• StudioLabs (Hyper-Growth Life Science Workspace) Specialized offering providing flexible, growth-oriented laboratory and office space tailored to early-stage and hyper-growth life science companies, typically located within or alongside the company's Class A life science portfolio.

Quantifiable outcome

• Largest dedicated life science real estate fund ever raised (excluding recapitalizations) at $3 billion
• +2 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered flagship, core and strategic.

• Roche (Genentech)flagshipStrategic or Co-development Partner · 22 January 2026Expanded Innovation Center commitment at One Milestone, Harvard ERC from 30,000 to 100,000 SF. Roche/Genentech serves as anchor tenant for the life science complex.
• Eli Lilly and CompanycoreStrategic or Co-development Partner · 19 November 2025Partnership to bring Lilly Gateway Labs to 2300 Market Street, Philadelphia, providing biotech startups with fully-equipped labs, advanced equipment, and support services.
• Pfizer IgnitestrategicStrategic or Co-development Partner · 15 March 2024Global strategic collaboration between Breakthrough's StudioLabs platform and Pfizer Ignite, providing clients with access to Pfizer's R&D services, scientific expertise, and advisory network.
• Healthpeak PropertiesstrategicStrategic or Co-development Partner · 10 January 2024Joint venture partner for Callan Ridge acquisition. Breakthrough holds 65% interest; Healthpeak retains 35%. Joint venture enables access to trophy quality research campus in Torrey Pines.
• Harvard Allston Land CompanyflagshipStrategic or Co-development Partner · 19 December 2019Development partner for Harvard Enterprise Research Campus in Allston, Boston. Tishman Speyer selected as preferred developer with Breakthrough Properties providing life science expertise.
• Tishman SpeyercoreStrategic or Co-development Partner · 17 July 2019Joint venture partner providing global real estate development, investment, and operational expertise. Breakthrough Properties is 50/50 JV between Tishman Speyer and Bellco Capital, combining real estate platform with biotech expertise.
• Bellco CapitalcoreStrategic or Co-development Partner · 17 July 2019Joint venture partner providing biotechnology investment expertise, industry relationships, and access to Scientific Advisory Board. Bellco Capital was founded by Arie Belldegrun, founder of Kite Pharma (acquired for $12B by Gilead).

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Emerging players

• King Street Properties: Private life science and innovation district developer with a strong concentration in Greater Boston/Cambridge. Comparable product type (purpose-built Class A lab space) and tenant base, though materially smaller scale than Breakthrough's platform.
• Longfellow Real Estate Partners: Private life science real estate investment manager with a growing footprint across Boston, San Diego, RTP, and emerging clusters. Comparable focus on Class A lab development with a venture-style operator approach; smaller AUM than Breakthrough but increasingly competitive in the same clusters.

Direct peers

• IQHQ: Pure-play life science REIT focused on trophy lab and biomanufacturing campuses in San Diego, Boston, San Francisco, and Raleigh-Durham. Directly comparable product positioning and tenant quality to Breakthrough's trophy campus strategy (Torrey View, Torrey Heights, MUSE).
• Wexford Science & Technology: Developer and operator of purpose-built life science and innovation districts, often affiliated with universities and academic medical centers. Comparable in delivering pre-leased Class A lab space tied to research institutions; particularly relevant given Breakthrough's Harvard ERC anchor.
• Alexandria Real Estate Equities: The largest publicly traded life science REIT, owning and operating ~40M SF of Class A lab facilities in Boston/Cambridge, San Diego, San Francisco, NYC, and RTP. Most directly comparable to Breakthrough by tenant profile (Pfizer, Roche, Lilly), cluster focus, and pre-leased development model; sets the benchmark for the asset class.
• BioMed Realty: Private (Blackstone-owned) life science REIT operating ~17M SF of lab space across Boston/Cambridge, San Diego, San Francisco, Seattle, and Cambridge UK. Directly comparable product offering, tenant segments, and cluster strategy to Breakthrough.
• Healthpeak Properties: Major publicly traded REIT with a large life science lab portfolio concentrated in San Diego, Boston, and San Francisco. Already a JV partner with Breakthrough on the Callan Ridge acquisition (65/35), making it both a direct peer and a strategic collaborator. Highly comparable tenant roster and cluster strategy.

Broad incumbents

• Tishman Speyer: Global real estate developer and 50/50 JV parent of Breakthrough. While a broad incumbent across office, life science, and mixed-use, its life science strategy is largely channeled through Breakthrough, making it the closest parent-level comparable and benchmark for sponsor capability.
• Beacon Capital Partners: Large private real estate investment manager with a growing life science portfolio concentrated in Boston, San Diego, and San Francisco. Comparable in deploying institutional capital into trophy life science campuses but operates as a broader diversified platform.

Others

• CBRE Group: Global commercial real estate services and investment firm with a dedicated life science capital markets and advisory practice. Functions as an ecosystem enabler (brokerage, valuation, capital markets) rather than a direct owner-competitor, but is relevant for benchmarking transaction multiples and tenant representation comparable to JLL/Cushman & Wakefield relationships used by Breakthrough.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks2 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/breakthrough-properties

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Breakthrough Properties