On February 3, Breakthrough Properties announced that it acquired a three-building life science portfolio in Torrey Pines, California from Diversified Healthcare Trust (DHC).
The 186,000-square-foot portfolio is called MUSE and is 49% leased, with a weighted average lease term of more than eight years. The price is roughly $855 per square foot.
Breakthrough Properties, a joint venture of global developer Tishman Speyer and biotechnology investment firm Bellco Capital, is a life science real estate development company that leverages cross-sector collaboration to deliver environments that foster innovation and scientific breakthroughs.
DHC is a real estate investment trust that owns approximately $6.8 billion of healthcare properties in 36 states and Washington, D.C. The company seeks diversification across the health services spectrum. DHC is managed by The RMR Group, a Newton, Massachusetts-based alternative asset management company.
DHC plans to use the proceeds from the sale to pay down its senior secured notes due in January 2026.
According to data in the LevinPro HC database, this transaction represents the third life science building acquisition of 2025. In 2024, there were 18 life science building transactions and in 2023, there were 13.
