Breakthrough to Utilize its Expertise in Lab Development and Operations to Support Boulder's Burgeoning Yet Underserved Biotech Community
BOULDER, Colo., Aug. 11, 2022 /PRNewswire/ -- Breakthrough Properties, a leading global developer of life sciences real estate backed by a joint venture of Tishman Speyer and Bellco Capital, today announced it has acquired a 9.3-acre, four-building campus in Boulder, CO, which will be transformed into "Boulder 38 by Breakthrough" featuring 164,000-square-feet of office, lab and flex space.
Boulder 38 by Breakthrough is situated in the heart of the city within convenient proximity to local retail, restaurants and amenities, as well as large technology and life science campuses. Located at the intersection of 38th Street and Arapahoe, the property features easy access into and out of Boulder and is just one mile from Jennie Smoly Caruthers Biotechnology Building, a 400,000-square-foot research and teaching facility at the University of Colorado Boulder.
"We are excited to bring the Breakthrough platform to Boulder and contribute to the phenomenal growth of a thriving life science innovation market," said Daniel D'Orazi, EVP and Chief Investment Officer. "From our fully integrated design and development teams to our highly experienced lab operations platform, Breakthrough is uniquely positioned to provide best-in-class infrastructure and amenities to meet the intense and growing demand for high quality lab and office environments in this supply-constrained market."
Research conducted at the University of Colorado and the surrounding ecosystem has helped to foster a thriving regional bioscience hub. According to CBRE market report data, the Boulder life sciences market has maintained over one million square feet of active life science requirements over the past 18 months, and workspaces with elevated amenities is a desired feature of the companies located in the area.
"Boulder has succeeded in cultivating a unique ecosystem propelled by leading research and academic institutions, creative residents and premier outdoor recreational amenities," said Tishman Speyer Senior Managing Director Paul DeMartini. "We are excited by this opportunity to create a world-class research campus that will serve as a magnet for life science innovation and talent."
The acquisition and redevelopment of Boulder 38 is being capitalized by the Breakthrough Life Science Property Fund. The Fund, which held its final closing in April of this year, raised $3 billion in direct capital and co-investments to scale a global portfolio of best-in-class ecosystems for dynamic early-, mid-, and late-stage life science companies.
Since its founding just over three years ago, Breakthrough has assembled a pipeline of more than 4.6 million square feet of projects in various stages of construction and pre-development across the United States and Europe.
Boulder is the fourth new market that Breakthrough has entered during 2022. Breakthrough recently announced its acquisition of 2300 Market Street in Philadelphia's burgeoning Center City district, with plans to redevelop the site to support over 200,000 square feet of life science space. Breakthrough also recently completed its first acquisitions in the Oxford and Cambridge life science hubs in England.
Other notable Breakthrough projects include The 105 by Breakthrough in Boston, home to CRISPR Therapeutics' U.S. facility; the 10-acre Torrey View by Breakthrough campus, which will house global medical technology company BD (Becton, Dickinson and Company)'s expanded San Diego Reagent Innovation Center for its growing BD Biosciences, in San Diego; Trinity House in Oxford, England; and The Vitrum Building, located inside St. John's Innovation Park in Cambridge, England.
Breakthrough puts sustainability at the forefront of all of its initiatives with a particular emphasis on increasing energy efficiency, reducing carbon emissions and providing healthy workspaces for users. The Company targets LEED Gold certification at its United States properties, as well as BREEAM Outstanding certification in all of its projects across the United Kingdom and EU markets.
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.
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SOURCE Breakthrough Properties