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San Diego-based developer IQHQ is continuing to expand its Bay Area portfolio.
On the heels of its acquisition last year in South San Francisco, the life sciences developer announced Monday it has purchased a planned office and multifamily campus in downtown Redwood City. The price was not disclosed.
The fully entitled project, dubbed Elco Yards, will have four office buildings totaling nearly 600K SF and two residential buildings with 540 units, 147 of which will be affordable. IQHQ will partner with Greystar for the multifamily component.
The project was proposed by Greystar after it paid $8M for the site in 2020, according to the San Francisco Business Times.
“Elco Yards represents an iconic project in a thriving life science market with a proven track record of attracting top companies and diverse talent,” IQHQ CEO Steve Rosetta said in a press release.
Life sciences employment reached a record high in March 2021, according to a midyear CBRE report, with growth in the sector driven by biotechnology. Total job growth is up 16% from April 2017. CBRE has dubbed Boston, the San Francisco Bay Area and San Diego the premier markets for the sector, with the strongest demand and tightest vacancies. IQHQ is most active in these three markets.
In May 2020, IQHQ acquired a 2-acre site in South San Francisco for a planned 213K SF office project. Republic Metropolitan sold the South City Station for an undisclosed price.
IQHQ rebranded from Creative Science Properties last year, around the same time it closed a $770M funding round. The company has offices in San Diego and Boston, and invests in life sciences properties in those cities, San Francisco and in the United Kingdom.
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