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2/04/25
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Breakthrough Properties, a joint venture between Tishman Speyer and biotechnology investment firm Bellco Capital, purchased MUSE, a 186k sf life science campus in San Diego, for $159 mil ($855/sf). MUSE consists of three buildings with sweeping panoramic views at 3030, 3040 and 3050 Science Park Rd 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 5 msf 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 520k sf R&D 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.
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