Tishman Speyer, Breakthrough Properties Provide $90M Refi for Life Sciences Campus
Breakthrough Properties has acquired a small life sciences empire in Southern California
By Brian Pascus July 24, 2026 9:28 am
reprints
The life sciences boom isn’t finished yet.
Gemdale USA has secured $90 million in mezzanine debt to refinance Aperture Del Mar, a 538,000-square-foot Class A life science campus that recently opened in San Diego, Calif.
Tishman Speyer and Breakthrough Properties, its life science joint venture vehicle with bellco capital, provided the loan, which will refinance existing debt. Breakthrough’s investment is financed out of a life sciences fund, which held its first close in late 2025.
No broker was listed on the transaction. PERE was the first to report the news.
Randall Rothschild, global head of debt at Tishman Speyer Global, noted that Breakthrough Properties already has “deep life science experience” in the marketplace, as the joint venture has financed several San Diego-area life sciences assets. He cited the San Diego region as being one of the epicenters for the ongoing growth of the asset class.
“We are pleased to provide a creative financing solution that supports the continued advancement of a best-in-class life science project in one of the country’s premier innovation markets,” said Rothschild.
Located at 6040 Edgewood Bend Court in San Diego, Aperture Del Mar finished its first phase of construction in 2021 and began leasing in 2023. The life sciences campus is divided among four lab buildings and a separate office space and is 100 percent occupied by Neurocrine Biosciences, a leading biopharmaceutical company that will call the site its global headquarters through 2036.
Aside from its five different buildings, the campus includes a fitness center, a yoga studio, an outdoor lawn for events, a private courtyard, and 1,500-space parking garage.
“Aperture Del Mar offers a true Class A campus environment, and Neurocrine, with more than three decades of history in San Diego, is one of the region’s marquee biotechnology companies,” said Dan D’Orazi, chief investment officer of Breakthrough Properties.
Since its 2019 founding, Breakthrough Properties has owned or invested into San Diego and La Jolla life sciences campuses Torrey Heights, Callan Ridge, MUSE, Torrey Plaza and Governor Pointe, which are leased to Pfizer, Novartis, Merck and Waters, among other firms.
Brian Pascus can be reached at bpascus@commercialobserver.com.
