Breakthrough Properties, a leading global developer of life sciences real estate backed by a joint venture of Tishman Speyer and Bellco Capital, has officially entered the Boulder market with the acquisition of a 9.3-acre, four-building campus, which will be transformed into “Boulder 38 by Breakthrough” featuring 164,000 square feet of office, lab and flex space.
Boulder 38 by Breakthrough is situated in the heart of the city within convenient proximity to local retail, restaurants and amenities, as well as large technology and life science campuses. Located at the intersection of 38th Street and Arapahoe, the property features easy access into and out of Boulder and is just one mile from Jennie Smoly Caruthers Biotechnology Building, a 400,000-square-foot research and teaching facility at the University of Colorado Boulder.
“We are excited to bring the Breakthrough platform to Boulder and contribute to the phenomenal growth of a thriving life science innovation market,” said Daniel D’Orazi, EVP and chief investment officer. “From our fully integrated design and development teams to our highly experienced lab operations platform, Breakthrough is uniquely positioned to provide best-in-class infrastructure and amenities to meet the intense and growing demand for high-quality lab and office environments in this supply-constrained market.”
Research conducted at the University of Colorado and the surrounding ecosystem has helped to foster a thriving regional bioscience hub. According to CBRE market report data, the Boulder life sciences market has maintained over one million square feet of active life science requirements over the past 18 months, and workspaces with elevated amenities is a desired feature of the companies located in the area.
“Boulder has succeeded in cultivating a unique ecosystem propelled by leading research and academic institutions, creative residents and premier outdoor recreational amenities,” said Tishman Speyer Senior Managing Director Paul DeMartini. “We are excited by this opportunity to create a world-class research campus that will serve as a magnet for life science innovation and talent.”
The acquisition and redevelopment of Boulder 38 is being capitalized by the Breakthrough Life Science Property Fund. The Fund, which held its final closing in April of this year, raised $3 billion in direct capital and co-investments to scale a global portfolio of best-in-class ecosystems for dynamic early-, mid-, and late-stage life science companies.
Since its founding just over three years ago, Breakthrough has assembled a pipeline of more than 4.6 million square feet of projects in various stages of construction and pre-development across the United States and Europe.
Boulder is the fourth new market that Breakthrough has entered during 2022. Breakthrough recently announced its acquisition of 2300 Market Street in Philadelphia’s burgeoning Center City district, with plans to redevelop the site to support over 200,000 square feet of life science space. Breakthrough also recently completed its first acquisitions in the Oxford and Cambridge life science hubs in England.
Photo courtesy of Breakthrough Properties
