Breakthrough Properties Expands Its San Diego Footprint with MUSE Acquisition
Breakthrough Properties has solidified its presence in San Diego's booming life science sector through the recent acquisition of MUSE, a notable three-building campus situated within the prestigious Torrey Pines submarket. This strategic purchase for $159 million signals Breakthrough's robust investment strategy in a region renowned for its cutting-edge research and innovation.
The MUSE campus features three buildings that collectively provide an impressive 186,000 square feet of prime real estate, with spectacular panoramic views that highlight its attractive locale. The site has benefited from significant renovations, including a modern exterior glass façade that enhances its aesthetic appeal. Furthermore, the property boasts a comprehensive suite of amenities, such as a state-of-the-art fitness center, a versatile indoor/outdoor conference center, beautifully landscaped areas featuring outdoor seating and recreational games, plus a full-service café, all designed to foster a vibrant community.
Two of the buildings have been meticulously transformed into modern lab spaces, both fully leased under long-term agreements. The third building, currently vacant, is poised for repurposing to offer flexible wet lab facilities tailored to various life science research needs. Ample infrastructure to accommodate intricate biopharmaceutical studies will be established, ensuring it meets the high standards required for innovative research.
Dan D'Orazi, Executive Vice President and Chief Investment Officer at Breakthrough Properties, articulated the strategic significance of the MUSE campus: "MUSE presented a rare opportunity to expand our portfolio with a value-add campus in one of the world's foremost life science clusters. 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 pharmaceutical firms."
Breakthrough Properties, established in 2019 through a joint venture between notable global developer Tishman Speyer and the biotechnology investment firm Bellco Capital, is recognized as a principal player in the life science real estate sector. The firm has amassed a substantial portfolio that surpasses five million square feet across the U.S. and Europe, designed comprehensively to accommodate the unique needs of the life sciences industry.
Just last September, Breakthrough celebrated the grand opening of Torrey Heights, another advanced facility located nearby in Del Mar Heights. The campus serves as a testament to Breakthrough's commitment to innovation, having secured pre-leasing agreements with prestigious names in the industry, including Pfizer, Becton Dickinson, and Charles River Laboratories, alongside high-potential biotech firms. Other key assets in the San Diego area part of their portfolio include Torrey Plaza, Callan Ridge, and Governor Pointe, further underscoring their significant investment in this dynamic marketplace.
As Breakthrough Properties continues to enhance their footprint across significant urban technology hotspots, this latest acquisition of MUSE places them in a pivotal position to contribute to the advancement of scientific innovation and support the development of life-saving therapies. The combination of a carefully curated campus environment and strategic partnerships fuels their mission of delivering premier life science spaces tailored for success in a constantly evolving field.
The MUSE campus features three buildings that collectively provide an impressive 186,000 square feet of prime real estate, with spectacular panoramic views that highlight its attractive locale. The site has benefited from significant renovations, including a modern exterior glass façade that enhances its aesthetic appeal. Furthermore, the property boasts a comprehensive suite of amenities, such as a state-of-the-art fitness center, a versatile indoor/outdoor conference center, beautifully landscaped areas featuring outdoor seating and recreational games, plus a full-service café, all designed to foster a vibrant community.
Two of the buildings have been meticulously transformed into modern lab spaces, both fully leased under long-term agreements. The third building, currently vacant, is poised for repurposing to offer flexible wet lab facilities tailored to various life science research needs. Ample infrastructure to accommodate intricate biopharmaceutical studies will be established, ensuring it meets the high standards required for innovative research.
Dan D'Orazi, Executive Vice President and Chief Investment Officer at Breakthrough Properties, articulated the strategic significance of the MUSE campus: "MUSE presented a rare opportunity to expand our portfolio with a value-add campus in one of the world's foremost life science clusters. 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 pharmaceutical firms."
Breakthrough Properties, established in 2019 through a joint venture between notable global developer Tishman Speyer and the biotechnology investment firm Bellco Capital, is recognized as a principal player in the life science real estate sector. The firm has amassed a substantial portfolio that surpasses five million square feet across the U.S. and Europe, designed comprehensively to accommodate the unique needs of the life sciences industry.
Just last September, Breakthrough celebrated the grand opening of Torrey Heights, another advanced facility located nearby in Del Mar Heights. The campus serves as a testament to Breakthrough's commitment to innovation, having secured pre-leasing agreements with prestigious names in the industry, including Pfizer, Becton Dickinson, and Charles River Laboratories, alongside high-potential biotech firms. Other key assets in the San Diego area part of their portfolio include Torrey Plaza, Callan Ridge, and Governor Pointe, further underscoring their significant investment in this dynamic marketplace.
As Breakthrough Properties continues to enhance their footprint across significant urban technology hotspots, this latest acquisition of MUSE places them in a pivotal position to contribute to the advancement of scientific innovation and support the development of life-saving therapies. The combination of a carefully curated campus environment and strategic partnerships fuels their mission of delivering premier life science spaces tailored for success in a constantly evolving field.
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