**Breakthrough Properties Secures $465 Million Financing for Torrey Heights Life Science Campus**
Breakthrough Properties has announced the closing of a $465 million CMBS (commercial mortgage-backed securities) loan for Torrey Heights, its newly developed life science campus located on a 10-acre site in San Diego. The five-year, fixed-rate financing is led by JPMorgan Chase, with Deutsche Bank and Goldman Sachs serving as co-lenders.
The campus, comprising 520,000 square feet, was fully pre-leased months ahead of its scheduled completion in 2024. Developed as a joint venture between Tishman Speyer and Bellco Capital, the project has attracted strong tenant interest, with nearly 90% of the available space leased to investment-grade companies. Pharmaceutical giant Pfizer is among the anchor tenants, occupying 230,000 square feet across two buildings, with its oncology division set to move in 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 Dan D’Orazi, Chief Investment Officer at Breakthrough Properties. “Pfizer’s relocation, along with this highly competitive financing, serves as clear evidence of this flight to quality across clients, lenders and investors.”
Torrey Heights further cements San Diego’s status as a premier hub for biotech and life sciences, driven by institutions and companies seeking high-performance lab and office environments in a thriving innovation ecosystem.
