Doctor Who Sold $12 Billion Drug Firm Eyes Biotech Property
- Belldegrun’s Bellco Capital forms venture with Tishman Speyer
- Real estate deals to address need for life science ‘ecosystem’
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A deal-making cancer doctor who sold his pharmaceutical company for almost $12 billion is launching a real estate venture to bolster the growth of the biotechnology industry.
Arie Belldegrun’s family office, Bellco Capital, has entered into a joint venture with New York-based real estate developer Tishman Speyer to start Breakthrough Properties, the companies said Tuesday in a statement. The venture said it bought its first property, a 1-acre (0.4 hectare) development site in Boston’s Seaport District, for $80 million, and is exploring other acquisitions in the area as well as in San Francisco.