Life Sciences Developer Snaps Up 27-Acre Cambridge Property For $125M
IQHQ, which specializes in life sciences real estate development, has acquired Alewife Park in Cambridge for $125M.
GCP Applied Technologies, a construction products tech company, owns and occupies the 290K SF office and lab space on the 26.5-acre site. As part of the sale, GCP is leasing the space back for 18 months, rent-free, while it relocates, it said in a press release. GCP also has the option to extend the lease for six more months while it searches for a new headquarters.
"There are no immediate plans or timeline at this point," IQHQ President Tracy Murphy told Bisnow in an email. "IQHQ is exploring options for the site, and we plan to work closely with the City of Cambridge and the surrounding neighborhood to determine next steps for the site."
IQHQ, a REIT formerly known as Creative Science Properties, has the right to develop nearly 800K SF on the site, Murphy said.
Alewife Park, which is east of Alewife Brook Parkway between Rindge and Whittemore avenues in Cambridge, sits next to the MBTA Red Line’s Alewife Station.
The Alewife submarket has seen a number of successful life sciences developments in recent years, pointing to strong demand for such space. In 2018, the Bulfinch Cos. began work on a 250K SF spec lab development, and by the beginning of 2020, all but one floor was leased, according to JLL. Earlier this year, the Davis Cos. completed a 225K SF spec lab development that was entirely leased to five companies by the time it was finished.
The Alewife Park acquisition expands IQHQ’s portfolio of life sciences assets in greater Boston. The company also owns the 285K SF 109 Brookline Ave., a lab and office building near the Longwood Medical Area. It also plans to develop Fenway Center into lab, office and ground-level retail space.
IQHQ also recently acquired Innovation Park, a 200K SF property in Andover, and closed on a South City site in San Francisco on which it plans to build a 213K SF project.