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Tishman Speyer And Bellco Capital Secure $465 Million Loan For Torrey Heights Life Sciences Campus

Property Image
FINANCED
$465,000,000
Rob Speyer
DB
Rebecka Belldegrun

National

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Life Sciences520,000 SF
Financed 01/12/2026
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Property Image
FINANCED

Tishman Speyer And Bellco Capital Secure $465 Million Loan For Torrey Heights Life Sciences Campus

Life Sciences520,000 SF
Financed 01/12/2026
Rob Speyer
DB
Rebecka Belldegrun
the dealplayerscompscontact
Contact now

Summary

Asset Type:Life Sciences
Price Per Square Foot:$894
Total Square Footage:520,000 SF
Transaction Type:Loan

Torrey Heights is a life sciences campus located in San Diego, comprising 520,000 square feet on a 10-acre site. The property is nearly 90% leased and features Pfizer's 230,000-square-foot oncology headquarters as its anchor tenant.

Summary of transaction details:

Tishman Speyer and Bellco Capital, through Breakthrough Properties, secured the refinancing for Torrey Heights with a $465 million CMBS loan. This arrangement illustrates the collaboration among prominent financial institutions to support significant real estate ventures in the life sciences sector.

Players

Goldman Sachs
Goldman Sachs
LENDER
Deutsche Bank
Deutsche Bank
LENDER
J.P. Morgan Chase
J.P. Morgan Chase
LENDER
Rob Speyer
Tishman Speyer
Rob Speyer
36 deals$4B volume
LANDLORD
DB
Dan Belldegrun
6 deals$831M volume
LANDLORD
Rebecka Belldegrun
Bellco Capital
Rebecka Belldegrun
1 deal
LANDLORD

Details

FINANCED
IMAGE: Rob Speyer, Rebecka Belldegrun & Dan Belldegrun DATE: 01/12/2026 ADDRESS: Torrey Heights MARKET: San Diego ASSET TYPE: Life Sciences ~ SF: 520,000 ~ ACRES: 10 LENDER: J.P. Morgan (@JPMorgan), Deutsche Bank (@DeutscheBank) & Goldman Sachs (@GoldmanSachs) LANDLORD: Rob Speyer - Tishman Speyer (@TishmanSpeyer); Rebecka Belldegrun - Bellco Capital; Dan Belldegrun - Breakthrough Properties LOAN AMOUNT: $465,000,000 LOAN TERMS: five-year, fixed-rate NOTE: Tishman Speyer and bellco capital, through Breakthrough Properties, secured a $465 million, five-year CMBS loan to refinance Torrey Heights, a 520,000-square-foot life sciences campus in San Diego.J.P. Morgan Chase, Deutsche Bank and Goldman Sachs provided the financing; the campus is nearly 90% leased, anchored by Pfizer’s 230,000-square-foot oncology headquarters.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$465,000,000.00

Monthly NOI$3,100,000.00
Monthly Debt Service$2,939,116.31
Change in Cash Flow$0.00
Refinance Proceeds$0.00