Breakthrough Properties Secures CMBS Loan for Torrey Heights Development

Breakthrough Properties — a joint venture specializing in life sciences assets that was established in 2019 by Tishman Speyer and Bellco Capital — has successfully finalized a $465 million refinancing package for its premier Torrey Heights development.

This state-of-the-art San Diego office space campus, which encompasses 520,000 square feet, secured the capital through a five-year, fixed-rate, commercial mortgage-backed securities (CMBS) loan. The transaction, identified in financial markets as TORY 2026-HGTS, was co-originated by a group of lenders that included the likes of JPMorganChase, Deutsche Bank and Goldman Sachs.

The ownership group originally acquired the 10-acre parcel in 2020, transforming the site into a world-class research and development hub alongside several institutional equity partners. This investment group includes Mitsui Fudosan America, the Investment Management Corporation of Ontario and AP2.

The campus is located within the highly desirable Del Mar Heights submarket and features multiple dining venues, a Wright Fitness designed gym, a 400-person conference center, and outdoor open space with multiple collaboration and mindfulness zones. It also boasts ocean views toward Torrey Pines State beach and sits near the existing San Diego lab cluster.

“Torrey Heights demonstrates the continued strong demand for best-in-class life science campuses operated by top sponsors in leading clusters around the world,” Breakthrough Properties Chief Investment Officer, Dan D’Orazi, said.

Tishman Speyer has been exceptionally prolific in the CMBS market recently, having finalized several major office refinancings throughout late 2024 and the first half of 2025.

Among these high-profile transactions were several in New York City: First, the $3.5 billion refinancing of the Rockefeller Center complex established a new record as the largest single-asset, single-borrower deal for Manhattan, N.Y., office space. The firm also secured a $2.85 billion CMBS loan for The Spiral, its 66-story tower in Hudson Yards, along with a $330 million debt package to refinance the 25-story 300 Park Ave. tower located in Midtown.

This streak of financial activity coincides with strong operational performance at the Torrey Heights life sciences campus. According to a release from Breakthrough Properties, the joint venture successfully pre-leased the entire campus before construction was even completed in 2024. Currently, nearly 90% of the facility is occupied by investment-grade companies.

Additionally, the campus will reach a major operational milestone this year when it officially becomes the new headquarters for Pfizer’s oncology division. The pharmaceutical giant is leasing a total of 230,000 square feet across two distinct buildings at the site.

Pfizer is joined by an impressive roster of other life sciences tenants, including Becton; Dickinson & Company; Charles River Laboratories; Actio Biosciences; and Architect Therapeutics.

Breakthrough Properties manages a life sciences portfolio totaling 6 million square feet and featuring several prominent assets across the San Diego region. These holdings include Governor Pointe — a 162,000-square-foot, two-story campus — and Torrey Plaza, a three-building complex situated in the Del Mar Heights submarket. The firm’s regional footprint is rounded out by Callan Ridge and Muse, both of which are also located in the San Diego area.