Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital that focuses on life science properties, has recently completed the acquisition of MUSE. This premier life science campus is located in the highly sought-after Torrey Pines submarket of San Diego. The purchase price for this transaction was $159 million and it was acquired from Diversified Healthcare Trust (DHC).
MUSE encompasses three buildings with a total area of 186,000 square feet. According to DHC, at the time of sale, only 49% of these buildings were leased out. However, two buildings have been recently renovated into state-of-the-art laboratories and are currently fully leased on long-term agreements. The third building is currently vacant but will be repositioned by Breakthrough Properties.
Dan D’Orazi , Executive Vice President and Chief Investment Officer at Breakthrough Properties stated that acquiring MUSE presented an exceptional opportunity to expand their portfolio with a value-add campus in one of the world’s leading life science clusters . With its versatile design features , extensive amenities , and close proximity to major research institutions , MUSE provides an ideal setting for various companies ranging from early-stage biotechs to established pharmaceutical firms .
