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Breakthrough Properties Secures $465M Financing for Torrey Heights Life Science Campus
Breakthrough Properties has secured $465 million in commercial mortgage-backed securities (CMBS) financing for Torrey Heights, its newly developed, 10-acre life science campus located in San Diego, California. The five-year, fixed-rate loan is led by JPMorgan Chase, with Deutsche Bank and Goldman Sachs acting as co-lenders.
A joint venture between Tishman Speyer and Bellco Capital, Breakthrough Properties successfully pre-leased the entire 520,000-square-foot campus prior to the completion of construction in 2024. Nearly 90% of the campus is leased to investment-grade tenants, including Pfizer’s oncology division, which has begun its move into a 230,000-square-foot space occupying two of the campus buildings.
“Torrey Heights demonstrates the continued strong demand for best-in-class life science campuses operated by top sponsors in leading clusters around the world,” said Dan D’Orazi, Chief Investment Officer at Breakthrough Properties. “Pfizer’s relocation, along with this highly competitive financing, serves as clear evidence of this flight to quality across clients, lenders, and investors.”
The financing solidifies Torrey Heights’ position as a key life science destination in one of the country’s leading biotech hubs.
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