Breakthrough Properties, a developer of life sciences real estate backed by a joint venture of Tishman Speyer and Bellco Capital, has acquired The Vitrum Building, located on 1.8 acres inside St. John’s Innovation Park in Cambridge, England, one of the region’s premier clusters for life science innovation. Financial details were not disclosed.
St. John’s Innovation Park, which sits on 21 acres, provides a campus-style setting close to both the Cambridge town center and major transportation routes. It and the adjacent Cambridge Science Park together form the Northern Cluster, Cambridge’s premier life sciences and technology district.
‘We have strong conviction in the future of the European life sciences market and are actively exploring opportunities to deliver best-in-class research and development facilities to support the continued advancement of life changing discoveries,’ said Daniel D’Orazi, EVP and Chief Investment Officer, Breakthrough Properties. ‘We are particularly excited about the prospects for continued growth throughout the Golden Triangle, where the majority of all U.K. life science investment occurs.’
Added Tishman Speyer managing director Justin Woolf, ‘Backed by Tishman Speyer’s global development expertise and Bellco’s deep relationships with the world’s leading life sciences research and development firms, Breakthrough Properties is uniquely positioned to conceive, create and maintain premier ecosystems throughout the world. We look forward to collaborating on a redevelopment of the Vitrum Building that aligns with the overall vision for St. John’s Innovation Park.’
This purchase marks Breakthrough’s second UK acquisition in 2022. In late January, Breakthrough purchased the 1.7-acre Trinity House site in Oxford, where it intends to create a purpose-built, Class A office and lab environment. With its latest acquisition, Breakthrough now has 4.6 million sq ft in its under-construction and near-term development pipeline across the United States and Europe.
Breakthrough Properties targets BREEAM Outstanding certification in all of its projects across the United Kingdom and EU markets, as well as LEED Gold certification at its United States properties.
