On January 10 it was announced that Breakthrough Properties, a joint venture of global developer Tishman Speyer and biotechnology investment firm Bellco Capital, was purchasing Callan Ridge, a life science campus in San Diego.
Callan Ridge is a two-building Class-A life science campus nearing completion in San Diego’s preeminent Torrey Pines cluster. The 185,000-square-foot campus is fully leased to Turning Point Therapeutics, Inc., a subsidiary of Bristol-Myers Squibb. It was built in 2021 by Healthpeak Properties, which acted as the seller in this transaction.
Breakthrough Properties is a life science real estate development company that leverages cross-sector collaboration to deliver environments that foster innovation and scientific breakthroughs. It is based in San Diego, California.
Following the completion of this acquisition, Breakthrough will own 65% interest in Callan Ridge while Healthpeak will retain 35% ownership. The terms were not disclosed.
According to data captured in the LevinPro HC database, this is the first acquisition in the life sciences building specialty of 2024.
