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Breakthrough Properties Secures $465M Financing for Torrey Heights
Breakthrough Properties has finalized a $465-million CMBS financing for Torrey Heights, its newly constructed 10-acre life science campus in San Diego. The five-year, fixed-rate loan is led by JPMorgan Chase with Deutsche Bank and Goldman Sachs serving as co-lenders.
A joint venture of Tishman Speyer and Bellco Capital, Breakthrough pre-leased the entire 520,000-square-foot campus months prior to completion of construction in 2024. Nearly 90% of the campus is leased to investment grade companies, including Pfizer’s oncology division, which is in the process of moving into 230,000 square feet spanning two buildings this quarter.
“Torrey Heights demonstrates the continued strong demand for best-in-class life science campuses operated by top sponsors in leading clusters around the world,” said Breakthrough CIO Dan D’Orazi. “Pfizer’s relocation, along with this highly competitive financing, serves as clear evidence of this flight to quality across clients, lenders and investors.”
- ◦Financing
