Breakthrough Expands Platform in Europe with Second U.K. Acquisition in 2022
LOS ANGELES and LONDON, May 3, 2022 /PRNewswire/ -- Breakthrough Properties, a leading global developer of life sciences real estate backed by a joint venture of Tishman Speyer and Bellco Capital, today announced it has acquired The Vitrum Building, located on 1.8 acres inside St. John's Innovation Park in Cambridge, England, one of the region's premier clusters for life science innovation.
A leader in development and operations of life science workspaces, Breakthrough Properties creates purpose-built, Class A office and lab environments, promotes elevated user experiences and provides companies with access to its world renowned Scientific Advisory Board (SAB).
St. John's Innovation Park, which sits on 21 acres, provides a campus-style setting close to both the Cambridge town center and major transportation routes. It and the adjacent Cambridge Science Park together form the Northern Cluster, Cambridge's premier life sciences and technology district. The Northern Cluster is already home to many of the UK's most dynamic life science companies, which are developing transformative drugs for patients around the world.
To help meet the growing demand for high-quality lab space in one of the U.K.'s most supply-constrained clusters, Breakthrough intends to work collaboratively with local stakeholders to reposition in a manner that respects and enhances the long-term plan for the St. John's Innovation Park.
"We have strong conviction in the future of the European life sciences market and are actively exploring opportunities to deliver best-in-class research and development facilities to support the continued advancement of life changing discoveries," said Daniel D'Orazi, EVP and Chief Investment Officer, Breakthrough Properties. "We are particularly excited about the prospects for continued growth throughout the Golden Triangle, where the majority of all U.K. life science investment occurs."
Added Tishman Speyer Managing Director Justin Woolf, "Backed by Tishman Speyer's global development expertise and Bellco's deep relationships with the world's leading life sciences research and development firms, Breakthrough Properties is uniquely positioned to conceive, create and maintain premier ecosystems throughout the world. We look forward to collaborating on a redevelopment of the Vitrum Building that aligns with the overall vision for St. John's Innovation Park."
This purchase marks Breakthrough's second U.K. acquisition in 2022. In late January, Breakthrough purchased the 1.7-acre Trinity House site in Oxford, where it intends to create a purpose-built, Class A office and lab environment. With its latest acquisition, Breakthrough now has 4.6 million square feet in its under-construction and near-term development pipeline across the United States and Europe.
Breakthrough puts sustainability at the forefront of all of its initiatives with a particular emphasis on increasing energy efficiency, reducing carbon emissions and providing healthy workspaces for users. Breakthrough Properties targets BREEAM Outstanding certification in all of its projects across the United Kingdom and EU markets, as well as LEED Gold certification at its United States properties, which stretch from San Diego to Boston.
Formed in 2019 as a joint venture between global real estate owner, developer and investor Tishman Speyer and biotechnology investment firm Bellco Capital, Breakthrough Properties is a life science real estate development company that leverages cross-sector collaboration to deliver environments that foster innovation and scientific breakthroughs. Breakthrough Properties' mission is to acquire, develop and operate the best life science properties in leading urban technology centers around the world and support scientific innovation across biotechnology, agriculture and nutrition. Breakthrough combines Tishman Speyer's decades of global real estate development experience with Bellco Capital's industry-making biotechnology entrepreneurship to reimagine environments where companies can create life-changing therapies for patients.
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