Breakthrough Properties, the $3B fund focused on life sciences development in the U.S. and Europe, announced a new development in Boulder, further bolstering Colorado’s nascent life sciences market.

The fund is a joint venture between Tishman Speyer and Bellco Capital.

The JV's forthcoming Boulder 38 project consists of transforming a 9.3-acre, four-building campus into 164K SF of offices, labs and flex space. The development will be roughly a mile from the Jennie Smoly Caruthers Biotechnology Building, a 400K SF research and teaching facility at the University of Colorado. A price for the property wasn’t specified.

CBRE research found that the Denver-area market maintained more than 1M SF of active life sciences requirements over the past 18 months, with a majority of the activity concentrated in and around Boulder.

Recent deals in the region include BioMed Realty’s investment in the 1M SF Flatiron Park in Boulder in April and medical device company ViewRay’s plan to move its headquarters to Denver, announced earlier this month.

Founded three years ago, Breakthrough Properties has assembled a global lab pipeline of 4.6M SF, including projects in Philadelphia and the UK's Cambridge and Oxford.

This April, the Breakthrough Life Science Property Fund raised $3B in capital and co-investments for life sciences real estate.