Breakthrough Properties has closed $430 million in the first round of fundraising for its Breakthrough Properties Growth Portfolio II, marking a significant step in expanding its global life science real estate platform. The announcement reflects growing investor confidence in the firm’s strategy and builds on the success of its inaugural $3 billion life sciences investment fund, which was completed in 2022.
The venture, created by Tishman Speyer and Bellco Capital, plans to use the new capital to invest in a diversified portfolio of Class A life science assets across major innovation hubs in the United States and Europe. The firm is the only life science real estate manager actively operating across the U.S., the U.K., and continental Europe.
Breakthrough has already established a sizable footprint, deploying its first fund into nearly 6 million square feet of projects spanning purpose-built developments, core and core-plus properties, and value-add conversions. Its signature locations, including Torrey Heights in San Diego, One Helix in Amsterdam, and One Milestone at the future Harvard Enterprise Research Campus in Boston, have attracted prominent biopharma tenants. More than 60 percent of its global portfolio is leased to major investment-grade companies, including Pfizer, Eli Lilly, Roche, AstraZeneca, BD, and Bristol Myers Squibb.
The $430 million first-close figure includes direct capital and co-investment commitments from institutional and private investors, including global asset managers, pension funds, investment advisors, and family offices. Breakthrough plans additional closings in 2026 and will target a blended value-add return across a mix of asset types and geographies.
Backed by Tishman Speyer and Bellco Capital’s long-standing networks, the firm has secured 70 percent of its leasing activity through direct relationships with world-leading life science organizations. Breakthrough’s management team brings a strong track record in acquiring, developing, and operating purpose-built research environments, emphasizing flexible design, top-tier amenities and a user-centric approach informed by scientific trends.
The company continues to prioritize sustainability across its portfolio, targeting LEED Gold certification for all U.S. developments and BREEAM Outstanding for U.K. and EU projects. In 2025, the Global Real Estate Sustainability Benchmark ranked Breakthrough first among its Americas peers in the Technology and Science category.
Breakthrough also provides tenants with access to leading scientific innovators and mentorship from a Scientific Advisory Board, supported by an extensive venture capital network. Founded in 2019, the firm combines Tishman Speyer’s global development expertise with Bellco Capital’s leadership in biotechnology to create environments that support breakthroughs across biotechnology, agriculture, and nutrition.
KEY QUOTES
“This closing aligns with the most compelling investment window we’ve seen in years. Transitory market dynamics have generated the opportunity to acquire high quality assets at heavily disrupted pricing and to capitalize on the sector’s long-term structural tailwinds. The incredible power of science is only accelerating, generalist investors are retreating and new supply is entirely shut off. We believe these are precisely the ingredients for a fantastic investment vintage. We’re grateful to our partners for supporting Breakthrough’s exciting next chapter.”
Dan Belldegrun, Chief Executive Officer, Breakthrough Properties
“The first close of Breakthrough’s second fund demonstrates the trust we’ve built with our investment partners. Our initial fund delivered proof of concept. This fund allows us to flex all of Breakthrough’s muscles and scale an exceptional portfolio.”
Rob Speyer, Chief Executive Officer of Tishman Speyer and Co-Chairman of Breakthrough Properties
“Our investment approach will continue to center around Class A assets in prime locations, with an emphasis on attractive entry points and improving market fundamentals. Breakthrough’s dedicated life science platform, supported by our partners at Tishman Speyer and Bellco Capital, forms a deep expertise, relationship network and global reach that uniquely positions us to capitalize on opportunities emerging across the market.”
Dan D’Orazi, Chief Investment Officer, Breakthrough Properties
