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 acquires, develops, and operates research and development facilities for biotech, pharmaceutical, and academic research clients across the United States and Europe. The firm's inaugural life science investment fund raised $3 billion in 2022, representing the largest real estate fund dedicated to the life sciences sector excluding recapitalizations of existing portfolios. In November 2025, Breakthrough closed $430 million for its Growth Portfolio II fund. The portfolio spans nearly six million square feet across eight biopharma markets, encompassing purpose-built developments, value-add conversions, and core properties. Investment-grade tenants including Pfizer, AstraZeneca, Eli Lilly, Bristol Myers Squibb, BD, and Roche occupy over 60% of the global portfolio. The platform operates with offices in Los Angeles, San Diego, New York, Boston, Philadelphia, and London, targeting Class A life science assets in leading innovation clusters. As of December 31, 2024, the firm reported approximately $2.55 billion in regulatory assets under management. Markets include Boston, San Diego, and Amsterdam, with projects such as Torrey Heights, One Helix, and One Milestone at Harvard Enterprise Research Campus.