The life sciences boom is showing no signs of slowing down in the United States. Gemdale USA has secured $90 million in mezzanine debt to refinance Aperture Del Mar. The property is a 538,000-square-foot Class A life science campus recently opened in San Diego, California. Funding comes from Tishman Speyer and Breakthrough Properties, a joint venture vehicle established with Bellco Capital. The loan will refinance existing debt obligations associated with the site. PERE was the first to report the news regarding this transaction, noting that no broker was listed on the deal. Breakthrough’s portion of the capital is financed out of a life sciences fund. The fund held its first close in late 2025. This financial structure allows the project sponsors to optimize their capital while ensuring the project’s continued stability. The loan provides liquidity to address current obligations, which is a critical step in maintaining the asset’s performance in a competitive market.
Randall Rothschild, global head of debt at Tishman Speyer Global, noted the firm’s experience in the sector. He stated that Breakthrough Properties already has “deep life science experience” in the marketplace. The joint venture has financed several San Diego-area assets previously. 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. These specific assets are leased to Pfizer, Novartis, Merck and Waters, among other firms. Rothschild cited the region as being one of the epicenters for the ongoing growth of the asset class. This concentration of major pharmaceutical and technology firms creates a robust ecosystem that fuels demand for high-quality commercial real estate. The partners’ ability to secure long-term leases from such industry giants shows the value they bring to the market.
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The Asset and Its Location
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. Aside from these five different buildings, the campus includes a fitness center, a yoga studio, an outdoor lawn for events, a private courtyard, and a 1,500-space parking garage. Dan D’Orazi, chief investment officer of Breakthrough Properties, remarked that Aperture Del Mar offers a true Class A campus environment. The inclusion of such amenities demonstrates a commitment to creating a conducive atmosphere for innovation, catering to the needs of modern scientific professionals who require both rigorous workspace and wellness support. The presence of a substantial parking garage further addresses the logistical needs of a large workforce.
It is 100 percent occupied by Neurocrine Biosciences. This biopharmaceutical company has designated the site its global headquarters through 2036. Neurocrine is a leading biopharmaceutical company with more than three decades of history in San Diego. The firm is described as one of the region’s marquee biotechnology companies. D’Orazi added that Neurocrine, with its long-standing presence, is an ideal fit for the campus. The long-term nature of the arrangement provides a stable revenue base for the owners, while Neurocrine gains a prestigious location that aligns with its status as a key player in the biopharmaceutical industry.
