SAN DIEGO — Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has completed the development of Torrey View, a 520,000-square-foot life sciences campus located in the Del Mar Heights neighborhood of San Diego.
The 10-acre property was fully preleased and is home to the oncology division of biopharmaceutical company Pfizer, which occupies 230,000 square feet across two buildings; and the innovation center for the biosciences division of BD, a global medical technology company, which occupies a 220,000-square-foot-building. Additional tenants include Charles River Laboratories, Actio Biosciences and Architect Therapeutics.
Torrey View offers expansive ocean views and a full suite of amenities, including a client clubhouse, multiple dining options, a fitness center and pickleball court, 400-person conference facility, bike and surfboard storage and a partially below-grade parking garage covered by open green spaces and gardens.
The joint venture acquired the development site for the campus, which has achieved LEED Gold certification, in October 2020. Equity partners in the project included Mitsui Fudosan America, Investment Management Corp. of Ontario and AP2.
The development team included life sciences architectural firm Flad Architects and general contractor Clark Construction, and leasing for the project was handled by JLL.
Formed in 2019, Breakthrough Properties is one of the most active players in the life sciences sector with a portfolio that spans more than 5 million square feet across the United States and Europe. The partnership raised $3 billion in direct capital and co-investments to grow its global portfolio of life sciences properties in 2022.
Recently announced projects by Breakthrough include a 223,000-square-foot development in Philadelphia; the redevelopment of a four-building campus in Boulder, Colo.; and the redevelopment of a four-story lab and office building in East Cambridge, roughly two miles from downtown Boston.
— Katie Sloan