SAN DIEGO — Breakthrough Properties Inc. has acquired a 65 percent stake in Callan Ridge, a 185,000-square-foot research campus in San Diego’s Torrey Pines scientific research area. Healthpeak Properties (NYSE: PEAK), the project’s developer, retains a 35 percent stake in the asset. The formation of the joint venture values Callan Ridge at $236 million.
Healthpeak began construction of the Callan Ridge campus in 2021. The two-building asset is fully leased to Turning Point Therapeutics Inc., a subsidiary of Bristol-Myers Squibb Co., through April 2035. The lease on 105,000 square feet commenced in July 2023. The lease on the remaining 80,000 square feet will commence in July of this year.
The three-story, two-building complex augments part of Healthpeak’s 20-acre Torrey Pines Science Park.
Callan Ridge features numerous sustainable features, including a canopy with integrated solar panels; electrochromic windows that change color to control sunlight and heat throughout the day; recycled steel and concrete; and drought-tolerant landscaping. The joint venture plans to pursue LEED Gold certification for the campus.
The property also offers amenities such as a fitness center, restaurant, roof deck and patio space, as well as 506 parking stalls. Ferguson Pape Baldwin Architects designed the development. According to Healthpeak, Callan Ridge is the only large campus available in Torrey Pines before 2025.
Estimated net proceeds to Healthpeak are approximately $130 million, after factoring in the company’s share of remaining tenant improvements.
“The strong pricing highlights the underlying demand for our lab assets and allows us to recapture our initial invested capital, while still retaining a 35 percent interest in the trophy campus,” says Scott Brinker, president and CEO of Healthpeak. “We are excited about the partnership with Breakthrough and look forward to growing the relationship over time.”
— Channing Hamilton