IQHQ Pays $50M For 140K SF Commercial Site Near Boston Landing
IQHQ is expanding into new territory, acquiring a 140K SF commercial property in Brighton for $50M.
The San Diego-based REIT purchased 155 North Beacon St. from The Hamilton Co. last month, according to Suffolk County land records. The two-story building is currently occupied by a furniture store and is steps from the bustling Boston Landing.
The deal was first reported by BLDUP. An IQHQ spokesperson declined to comment Wednesday, and The Hamilton Co. didn’t respond to a request for comment. It is unclear what IQHQ intends to do with 155 North Beacon St., but the firm is a life sciences specialist with a portfolio of office, lab and biomanufacturing investments in the Boston region.
The purchase is IQHQ’s first asset in the Allston-Brighton neighborhood and the latest in a busy past 12 months for the REIT. IQHQ and Meredith Management Corp. in April began construction on the Fenway Center, which includes two towers sitting over the Massachusetts Turnpike. The REIT purchased adjacent Alewife sites for a combined $179M last year, and it is planning a six-building, 565K SF campus.
IQHQ in March also unveiled plans for a 250K SF lab at 109 Brookline Ave., next to the Fenway Center campus. The life sciences player’s moves also come after it raised $1.7B of equity last November with eyes on speculative development in San Francisco, San Diego and Boston.
The life sciences arms race, which has reached into Boston’s suburbs, has spilled into Allston-Brighton, where real estate players have eyed speculative plays. Berkeley Investments has proposed a 548K SF lab and office development at 176 Lincoln St., while Ivanhoé Cambridge and Lendlease have proposed a 320K SF commercial building at 60 Guest St. near New Balance’s global headquarters and the practice facilities for the Boston Celtics and Boston Bruins.