Debevoise & Plimpton LLP has advised Breakthrough Properties in the formation of Breakthrough Life Science Property Fund. The venture raised $3 billion in direct capital and co-investments and is designed to scale a global portfolio of best-in-class ecosystems for dynamic early-, mid-, and late-stage life science companies. The $3 billion raised in fund and co-investment capital surpassed the initial $1.5 billion target, creating the largest real estate fund dedicated exclusively to the life sciences sector, excluding recapitalizations of existing portfolios, according to CBRE and JLL Research. For more information, please see the company’s press release.
Formed in 2019 as a joint venture between global real estate owner, developer and investor Tishman Speyer and biotechnology investment firm Bellco Capital, Breakthrough Properties is a life science real estate development company that leverages cross-sector collaboration to deliver environments that foster innovation and scientific breakthroughs.
The Debevoise team was led by investment management partner Sally Bergmann and included partner Jonathan Adler and associates Ali Nierenberg, Nicholas Cruz and Michael Pan, and tax partner Michael Bolotin and associate Jay Evans.