Real estate developer Breakthrough Properties acquired a majority interest in Callan Ridge, a two-building Class A life science campus nearing completion in San Diego’s preeminent Torrey Pines cluster, on Wednesday.
The company said the 185,000-square-foot campus is fully leased to Bristol-Myers Squibb Company’s subsidiary Turning Point Therapeutics, in a collaboration of global developer Tishman Speyer and Bellco Capital, biotechnology investment firm, who will collectively own a 65% interest in Callan Ridge, while the developer, Healthpeak Properties will retain a 35% interest.
The campus commenced construction in 2021, which incorporated a wide range of sustainable building features, including electrochromic windows, photovoltaic glass panels, recycled steel and concrete, drought-tolerant landscaping and the largest single-building green roof in San Diego, the company added.
The California-based company said the joint venture will pursue LEED Gold certification upon full completion of the development, which is ideally situated adjacent to the Torrey Pines Science Park. Callan Ridge also features unobstructed panoramic views of the Torrey Pines State Natural Reserve.
Daniel D’Orazi, Executive Vice President of Breakthrough Properties said, “Callan Ridge presented us with a unique opportunity to acquire a newly-developed, trophy quality research campus in the heart of Torrey Pines – where Class A assets rarely become available – while also forming a new strategic partnership with the team at Healthpeak.”
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