In a move emphasizing the draw of San Diego's life sciences sector, Diversified Healthcare Trust has sealed a $159 million deal, offloading the MUSE life science asset in Torrey Pines. The sold property covers 186,000 square feet across three buildings, with a 49% occupancy rate and a lease lifespan averaging over eight years. The fresh injection of cash from this transaction is earmarked for the early repayment of senior notes by DHC, slated for January 2026. "The sale of MUSE, located in one of the nation’s leading life science markets, monetizes this high-quality asset at an attractive valuation and provides DHC with accretive debt reduction that strengthens its overall financial position," Chris Bilotto, President and CEO of DHC, mentioned in Diversified Healthcare Trust website.
Adding to San Diego's notable status as an innovation hub, Breakthrough Properties has bolstered its local footprint by acquiring MUSE. The campus, featuring three buildings with modern labs and luxurious amenities, captures the essence of a contemporary life science environment, as noted by PR Newswire. The firm, a collaborative venture of Tishman Speyer and Bellco Capital, jumps on the recent revamp of MUSE, which now boasts an updated glass façade, a fitness center, and indoor/outdoor event options. One building remains vacant, with plans to transform it into a versatile lab space catering to a wide audience in the life science community.
"MUSE presented a rare opportunity to expand our portfolio with a value-add campus in one of the world's foremost life science clusters," Breakthrough's EVP and Chief Investment Officer Dan D'Orazi conveyed, as per PR Newswire. The company exemplifies active participation in the life science real estate market, managing a portfolio that extends over five million square feet, including research and development centers in the U.S. and Europe. Breakthrough's recent projects include the Torrey Heights campus development in Del Mar Heights, which is completely leased to prominent entities such as Pfizer and Becton Dickinson. This pattern of strategic investments continually bolsters its prominence in the region.
