Tishman Speyer and Bellco Capital, an investment firm founded by biotechnology entrepreneurs Drs. Rebecka and Arie Belldegrun, have formed Breakthrough Properties.
“In the last decade, the life science industry has experienced unprecedented productivity, innovation and scientific discovery as biotechnology and technology converge,” said Belldegrun. “Life science entrepreneurs deserve to have environments that foster scientific innovation and allow them to focus their attentions on creating exciting new therapies that change how we fight disease and improve lives for generations to come. The importance of creating and expanding well-located centers of excellence in the world’s key life science research centers is paramount. There is no better partner in this type of venture than Tishman Speyer, a firm that is well known for the quality of its properties and its consistent track record of delivering mission-critical facilities for companies.”
The new company will acquire, develop and operate life science properties in leading technology centers around the world to support scientific innovation across biotechnology, agriculture and nutrition.
Supported by the two firms’ combined resources, Breakthrough will seek opportunities to meet the substantial need for life sciences facilities in key locations around the world. The company will create dynamic ecosystems that foster collaboration among life science industry leaders and strategic research institutions, enabling entrepreneurs and researchers to make life-changing discoveries at every stage of development. The partnership will facilitate the creation of best-in-class physical infrastructure, with curated tenancy, collaborative amenity programming and services, and dynamic tenant spaces that meet the needs of early, mid- and late-stage companies as they work to develop new medical treatments.
Rob Speyer, Tishman Speyer president and CEO, commented, “Professionals in the life sciences sector are responsible for countless breakthroughs in service to humanity. They deserve physical environments that are well-located, highly functional and otherwise superior. Tishman Speyer is already widely recognized as a leading developer and operator of properties with those attributes in the commercial office and residential sectors, while Bellco has developed a deep understating of what biotechnology innovators want and need. Now, working closely together, we intend to produce the next generation of best-in-class specialized research centers around the world.”
Breakthrough has acquired its first property. The development site is strategically located by the Red Line on a one-acre parcel along the A Street corridor in Boston’s Seaport District and comes with 250,000 square feet of development rights. Completion of the project is anticipated in 2021.
Dan Belldegrun, Breakthrough’s CEO, said, “Life science innovation is happening at an unprecedented pace as technology and science continue to merge. Breakthrough is ideally positioned to support this new paradigm and help innovators around the globe pursue life-changing discoveries. We are thrilled to launch this effort with our first deal in Boston, and quickly expand to other innovation markets around the world.”
Jessica Hughes, Tishman Speyer’s managing director responsible for the Boston region, added, “We are thrilled to launch our life science efforts in Boston, one of the world’s epicenters for scientific innovation. The growth of the life sciences sector here has created a critical need for more cutting edge laboratory space. The A Street corridor in the Seaport District is perfectly positioned for such growth, able to meet the city and the industry’s demand for space in a neighborhood featuring convenient access to transit connected to outstanding academic institutions, along with proximity to the amenity-rich South Boston neighborhood.”
Board co-chairs for Breakthrough are Arie Belldegrun and Speyer. Dan Belldegrun, a long-term member of Tishman Speyer’s acquisitions and development team, has been appointed CEO.
