Tishman Speyer, Bellco Capital Land $465M CMBS Loan for Life Science Campus

Tishman Speyer wasn’t quiet in 2025, and the firm is already making big moves in 2026. 

Rob Speyer’s namesake firm and its joint venture partner, bellco capital, have secured a $465 million loan to refinance Torrey Heights, a 520,000-square-foot life sciences campus in San Diego, Commercial Observer can first report. 

J.P. Morgan Chase, along with Deutsche Bank and Goldman Sachs, provided the five-year, fixed-rate commercial mortgage-backed securities (CMBS) loan (TORY 2026-HGTS). 

Tishman and Bellco own the asset through Breakthrough Properties, a global life sciences real estate development firm that the two companies formed as a joint venture in 2019. 

Breakthrough Properties purchased the 10-acre site of Torrey Heights in 2020 and developed it with equity partners Mitsui Fudosan America, Investment Management Corporation of Ontario (IMCO) and AP2.

“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 in a statement. 

The deal marks yet another big CMBS deal for Tishman Speyer, which financed several flagship office refinancings in late 2024 and early 2025. These included its $3.5 billion refi for Rockefeller Center office complex (the largest-ever single-asset, single-borrower office deal),  as well as a $2.85 billion CMBS loan for The Spiral, a 66-story Hudson Yards office tower, and a $330 million CMBS debt package to refinance 300 Park Avenue, a 25-story office tower in Midtown Manhattan. 

Even prior to the completion of construction in 2024, Breakthrough pre-leased the entire Torrey Heights campus, and today nearly 90 percent of the life sciences campus is leased to investment-grade companies, carrying a weighted average lease term of 12 years, according to a release from Breakthrough Properties.

This year, the life sciences campus will become the new headquarters of Pfizer’s oncology division, which will lease 230,000 square feet of space across two buildings. Other tenants include Becton, Dickinson & Company, Charles River Laboratories, Actio Biosciences and Architect Therapeutics. 

“Pfizer’s relocation, along with this highly competitive financing, serve as clear evidence of this flight to quality across clients, lenders and investors,” added D’Orazi. 

Other life science assets in Breakthrough’s 6 million-square-foot portfolio include Torrey Plaza, a three-building life science campus in Del Mar Heights, a submarket outside of Downtown San Diego; Governor Pointe, a two-story life science campus in San Diego that spans 162,000 square feet; and Callan Ridge and Muse, also located in the San Diego area. 

Brian Pascus can be reached bpascus@commercialobserver.com.