Breakthrough Properties is a life science real estate investment firm formed in 2019 as a joint venture between Tishman Speyer and Bellco Capital. The company focuses exclusively on acquiring, developing, and operating research and development facilities for biotech, pharmaceutical, and academic research clients across the United States and Europe. The firm raised $3 billion for its inaugural life science investment fund in 2022, representing the largest real estate fund dedicated exclusively to the life sciences sector, excluding recapitalizations of existing portfolios. Breakthrough's global portfolio spans nearly six million square feet across eight preeminent biopharma markets. In November 2025, the firm announced a first closing of $430 million for its Breakthrough Properties Growth Portfolio II fund, with additional closings planned for 2026. The company operates across the U.S., U.K., and continental Europe with offices in Los Angeles, San Diego, New York, Boston, Philadelphia, and London. More than 60% of its global portfolio is leased to investment-grade companies including Pfizer, AstraZeneca, Eli Lilly, Bristol Myers Squibb, BD, and Roche. The firm's portfolio encompasses purpose-built developments, value-add conversions, and core properties, with projects including Torrey Heights in San Diego, One Helix in Amsterdam, and One Milestone at the Harvard Enterprise Research Campus in Boston.