Breakthrough Properties

Breakthrough Services, L.L.C. is a Delaware limited liability company specializing in life science real estate investments. Founded in 2019, Breakthrough is a joint venture between Tishman Speyer Properties L.P. and Bellco Capital LLC. The firm focuses on acquiring, developing, and operating life science real estate assets, leveraging Tishman Speyer's global real estate platform and Bellco Capital's life science investment expertise. Breakthrough provides investment advice to private funds, managing approximately $2.55 billion in regulatory assets under management as of December 31, 2024. The firm's investment strategy includes build-to-core, reposition-to-core, and buy-to-core approaches in the life science sector, targeting Class A lab properties in US and European markets. Breakthrough's advisory business is tailored to meet the investment objectives and restrictions of the Funds, with all assets managed on a discretionary basis. The firm's fee structure includes management fees and performance-based compensation, with a focus on maximizing returns for portfolio investments. Breakthrough has a Code of Ethics in place, ensuring compliance with regulatory requirements and ethical standards. The firm does not engage in directed brokerage arrangements and has policies in place to manage potential conflicts of interest related to client referrals, custody, and investment discretion.