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1/15/26
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Breakthrough Properties, a Tishman Speyer and Bellco Capital joint venture, has secured $465 mil in CMBS financing on Torrey Heights, their newly constructed, 10-acre life science campus in San Diego. Funding of the five-year, fixed-rate loan was led by JPMorgan Chase with Deutsche Bank and Goldman Sachs serving as co-lenders.
The entire 520k sf campus months was pre-leased prior to completion of construction in 2024. Nearly 90% of the campus is leased to investment grade companies, with a current 12-year weighted average lease term.
Torrey Heights is the new headquarters of Pfizer’s oncology division, which is in the process of moving into 230k sf spanning two buildings this quarter. Pfizer joins BD (Becton, Dickinson and Company), which created a 220k sf innovation center across the campus’ third building, as anchor clients. Charles River Laboratories, Actio Biosciences and Architect Therapeutics occupy the balance of Torrey Heights.
Torrey Heights features expansive ocean views and a full suite of curated campus amenities, including a client clubhouse, multiple dining options, a Jay Wright-designed fitness center and pickleball court, a 400-person conference facility and robust storage for bikes and surfboards. The campus also features over two acres of open green spaces and courtyards.
Breakthrough acquired the Torrey Heights development site in October 2020 and designed it to LEED Gold standard. Torrey Heights was developed alongside Breakthrough’s co-equity partners Mitsui Fudosan America, Investment Management Corporation of Ontario (IMCO) and AP2.
In addition to Torrey Heights, Breakthrough’s San Diego portfolio includes Torrey Plaza, a three-building life science campus in the Del Mar Heights submarket; Callan Ridge and Muse, both located in the preeminent Torrey Pines cluster; and Governor Pointe, a two-story life science campus in UTC.
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