IQHQ Adds To Future Alewife Life Sciences Campus With $54M Acquisition
Life sciences developer IQHQ has added to its growing West Cambridge portfolio, purchasing One Alewife Center for $54M.
IQHQ bought the 90K SF, four-story building near the MBTA's Alewife Station from James Campbell Co., Newmark, which brokered the deal, announced Tuesday. The purchase gives IQHQ a significant presence in West Cambridge, combining with the nearby 27-acre Alewife Park, which it bought in July for $125M.
Representatives for IQHQ, James Campbell Co. and Newmark didn't immediately respond to requests for comment, but public records in South Middlesex County show a $54M transaction for One Alewife Center, also known as 40 Whittemore Ave., recorded Nov. 13.
Newmark Executive Managing Director Matthew Pullen said in a release that One Alewife Center completes IQHQ's life sciences campus. The building was constructed in 1988 and last renovated in 2012, according to James Campbell Co.'s website.
“The two acquisitions create a large-scale solution to support the life science industry along the MBTA Red Line in Cambridge, the region’s most active life science market," Pullen said in a statement.
When IQHQ purchased the 290K SF Alewife Park in July, IQHQ President Tracy Murphy told Bisnow next steps for the site were undetermined.
Formerly known as Creative Science Properties, IQHQ has the right to develop nearly 800K SF on the Alewife Park site. IQHQ's portfolio in Greater Boston also includes 109 Brookline Ave., a 285K SF office and lab site near the Longwood Medical Area.
Life sciences in the West Cambridge market has been thriving, with Bulfinch Cos.' 250K SF spec lab development nearly completely leased earlier this year. The Davis Cos. also completed a 225K SF spec lab development now currently leased to five companies.
UPDATE, NOV. 17, 5 P.M. ET: A spokesman for IQHQ declined to comment on the transaction price, but released the following statement: "IQHQ is pleased to complete this strategic acquisition of One Alewife, which follows our acquisition earlier this year of Alewife Park. A hotbed for life science and technology companies, these two properties will be a critical part of IQHQ’s overall vision for an Alewife Park Campus, which will complement our growing portfolio of premier office, lab and R&D space offerings in Greater Boston."