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Breakthrough Properties Acquires Torrey Pines Life Science Campus for $159M
Breakthrough Properties, a life science-focused joint venture of Tishman Speyer and Bellco Capital, has acquired MUSE, a life science campus in the Torrey Pines submarket of San Diego. The JV purchased MUSE for $159 million from Diversified Healthcare Trust (DHC).
MUSE consists of three buildings totaling 186,000 square feet. At the time of sale, it was 49% leased, according to DHC. Two of the buildings were recently upgraded to modern labs and are fully leased on a long-term basis, while one vacant building will be repositioned.
“MUSE presented a rare opportunity to expand our portfolio with a value-add campus in one of the world’s foremost life science clusters,” said Breakthrough EVP and CIO Dan D’Orazi. “With flexible design, expansive amenities and close proximity to major research institutions, MUSE is the ideal setting for a wide range of companies, from early-stage biotechs to established pharma.”
- ◦Sale/Acquisition
