Ligands combining 2 lateral bis‐pyridyl‐phosphonated‐pyclens were synthesized, using a linear pegylated linker L2 or a K22 crown‐ether L3. A functionalized pyridyl‐phosphonated‐pyclen L1 was also prepared as a mononuclear analogue. Coordination behavior of lanthanide cations was studied via NMR titration with Lu for L1, UV‐Vis and luminescence spectroscopy with Yb for L2/L3. Strong coordination of two Yb atoms enabled isolation and spectroscopic characterization of dinuclear complexes in H2O and D2O. Excited state lifetime at 980nm revealed strong protection of Yb cations, with no coordinated water. Upon titration of the isolated dinuclear Yb complexes with Tb cations cooperative upconversion (UC) sensitization of Tb in the visible was observed (excitation of Yb, 980nm, D2O). In absence of Tb, the Yb complexes also exhibited cooperative luminescence with a weak emission band around 500nm upon NIR Yb excitation. UC with Tb was only observed after thermal treatment, suggesting a slow kinetic of formation of the UC species. [Yb2TbL3] showed weak Tb centered UC emission, while the dinuclear complex of L2 displayed more intense UC emission up to two equivalents of Tb, forming [(Yb2L2)Tbx] (x=1‐2), with the tetranuclear heterometallic complex being the most intense emitter. Log‐Log plot analysis confirmed the 2‐photon nature of the UC process.