Breakthrough Properties is a global life science real estate developer, owner, and operator of research and development facilities for mission-driven companies. The firm focuses on quality architectural and interior design, operational excellence, and sustainability.

Breakthrough Properties

CBRE Group, Inc. operates as a commercial real estate services and investment company worldwide. It operates through three segments: Advisory Services, Global Workplace Solutions, and Real Estate Investments segments. The Advisory Services segment provides strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing; property sales and mortgage services under the CBRE Capital Markets brand; property and project management services, including construction management, marketing, building engineering, accounting, and financial services for owners of and investors in office, industrial, and retail properties; and valuation services that include market value appraisals, litigation support, discounted cash flow analyses, and feasibility studies, as well as consulting services, such as property condition reports, hotel advisory, and environmental consulting. The Global Workplace Solutions segment offers facilities management, project management, and transaction management services. The Real Estate Investments segment provides investment management services under the CBRE Investment Management brand to pension funds, insurance companies, sovereign wealth funds, foundations, endowments, and other institutional investors; development services under the Trammell Crow Company brand primarily to users of and investors in commercial real estate; and flexible-space solutions under the CBRE Hana brand. The company was founded in 1906 and is headquartered in Dallas, Texas.

CBRE Group, Inc.

JLL is a leading professional services firm that specializes in real estate and investment management. With a global presence, JLL offers services including property management, real estate investments, transaction advisory, and sustainability consulting, among others.

Richard Winstanley

Breakthrough Properties | 6,770 followers on LinkedIn. A Tishman Speyer &amp; Bellco Capital Joint Venture.  | Breakthrough Properties is a life science real estate investment firm that leverages cross-sector collaboration to deliver environments that foster innovation and scientific breakthroughs.

Our team is a first-of-its-kind collaboration in real estate development, which came together through a shared passion that combines Tishman Speyer’s global real estate platform with Bellco Capital’s industry-making biotechnology entrepreneurship to capitalize on the rapidly expanding — yet substantially under-supplied — life science real estate industry. Our teams develop and operate world-class mission critical facilities for the most innovative companies.

Strategy and Business Development | ex-VC & IB | COO/CFO Biotech Startups (3 Exits) | Women's Health Investor | Life Science Real Estate

Susie Harborth

Jakob Loven, PhD

VP, Asset Services and Facilities

Leizl Jones

Vice President, Facilities and Engineering

Peter Damiano

Our Torrey View development won local and statewide structural engineering awards from the Structural Engineering Association of San Diego. With three scientific workplace facilities, a landscaped plaza, and an amenity building carefully situated across 10 acres, the campus enhances existing views of the Pacific and the surrounding hills and canyons—both from inside the buildings and on the terraces outside. Our design is not only state of the art, but intentional too. The Structural Engineering Association of San Diego award was received for the period of January 2023 to December 2023. This award was received in July 2024.

Just how pivotal is the current moment in the biopharma industry? According to our CEO Dan Belldegrun in a new Q & A with PERE, it’s the most exciting time in the history of the sector, despite the challenging macroeconomic climate of the last couple years. Belldegrun and our CIO Daniel D’Orazi discussed the primary factors driving this transformative period: life-changing scientific breakthroughs, record funding for R & D, and $50 billion of AI-powered research in the last few years alone. Their takeaway is that while some U.S. markets are facing oversupply, the demand is stronger than ever for mission-critical labs like ours. Breakthrough Properties paid a sponsorship fee to participate in this article.

Breakthrough recently hosted the CoreNet Young Leaders for a hard hat tour of the amazing progress at 2300 Market, our best-in-class development in Philadelphia. CoreNet Global is a nonprofit industry association of Commercial Real Estate (CRE) professionals, and its Young Leaders group—for members 35 and under—is a growing community focused on education, mentoring, social networking, and professional development. What better place than a Breakthrough development to learn about the future of CRE?

We're #hiring a new Property Manager in San Diego, California. Apply today or share this post with your network.

We're #hiring a new Analyst/Sr. Analyst, Asset Management in Los Angeles Metropolitan Area. Apply today or share this post with your network.

We recently celebrated the Groundbreaking of Vitrum by Breakthrough, our first development in Cambridge UK. The attendees enjoyed an engaging panel discussion featuring Dr. Arie Belldegrun, Bellco Capital, Dr. Franz Humer, Former Chairman of Roche, Dr. Annalisa Jenkins, Genomics England, and Steve Rees OBE, AstraZeneca, that left everyone feeling excited for a new standard of quality infrastructure in Cambridge, matching the incredible science that’s been happening there for years. Arriving in early 2026, Vitrum will deliver 165,200 sq ft of premier flexible laboratory, office and amenity space to the Cambridge market and is purpose-built for research and development.

We were thrilled to be joined by San Diego Mayor Todd Gloria, UCSD Chancellor Pradeep Khosla and representatives from Pfizer and BD Biosciences on September 30 to commemorate the opening of Torrey View, our newly-developed, 10-acre life science campus in Del Mar Heights. The entire 520,000-square-foot campus was successfully pre-leased to an impressive lineup of companies prior to completion including the Oncology division of Pfizer who leased 230,000 square feet spanning two buildings and global medical technology company BD who created a 220,000-square-foot innovation center for its Biosciences division in the campus’ third building. Charles River Laboratories, Actio Biosciences and Architect Therapeutics round out the campus ecosystem.

Metric
Company Name	Breakthrough Properties	CBRE Group, Inc.	JLL
Symbol		CBRE
MSH ID	COM:BTPROP	COM:CBRE	COM:JLL
Market	PRIVATE	STOCKS	PRIVATE
Sector	Real Estate	Real Estate	Commercial & Professional Services
Industry	Life Sciences	Real Estate - Services	Real Estate
Country	US	US	US
Stage
Employee Count		130K	88.16K
Website	btprop.com	cbre.com	jll.com
LinkedIn	breakthroughproperties		jll
Founders

Metric
Market Cap	27.60B
Enterprise Value
Monthly Web Traffic		1.14M
Web Traffic Growth		-0.05
Valuation
Raised Capital		400M

Metric
Revenue		31.95B
Revenue (LTM)
Revenue (NTM)
Gross Profit		5.68B
EBITDA		1.76B
Operating Income		1.12B
Net Income		986M
EPS		3.20
Diluted EPS		3.15
Revenue 2022
Revenue 2023
Revenue 2024
Revenue 2025
Revenue 2026

Metric
Revenue Growth (LTM)
Revenue Growth (NTM)
Gross Profit Growth (LTM)
EBITDA Growth (LTM)
Net Income Growth (LTM)
14-Day Growth Score
28-Day Growth Score
90-Day Growth Score
365-Day Growth Score

Metric
Gross Profit Margin		0.28
Operating Profit Margin		0.04
EBITDA Margin		0.06
Net Profit Margin		0.03
Return on Equity		0.12
Return on Assets		0.04
Return on Capital Employed		0.09

BTPR

COM:BTPROP

Breakthrough Properties

Company Overview

Market Metrics

Financial Performance

Growth Metrics

Profitability Ratios

Valuation Multiples

Operational Metrics

Cash Flow Metrics

Balance Sheet Metrics

Efficiency Metrics

Metric
P/E Ratio		43.61
P/B Ratio		3.35
Revenue Multiple (LTM)
Revenue Multiple (NTM)
EBITDA Multiple (LTM)
EBITDA Multiple (NTM)
Price to Sales Ratio		1.16
EV Multiple		17.86

Metric
Days Sales Outstanding		85.49
Days Payables Outstanding		42.22
Days Inventory Outstanding
Operating Cycle		83.19
Cash Conversion Cycle		83.08
Asset Turnover		1.42

Metric
Operating Cash Flow		534M
Free Cash Flow		229M
Cash Flow to Debt		0.20
Operating Cash Flow/Sales		0.03
Free Cash Flow Yield		0.01

Metric
Cash & Equivalents		1.37B
Accounts Receivable		-81M
Inventory
Goodwill		5.13B
Debt to Capitalization		0.40
Debt to Assets		0.27
Current Ratio		1.19
Quick Ratio		1.15

Metric
Rule of 40 (LTM)
Rule of 40 (NTM)
Stock Comp to Revenue		0.00
R&D to Revenue
SG&A to Revenue		0.15