SAN FRANCISCO–(BUSINESS WIRE)–IQHQ, Inc., a premier life sciences real estate development company, today announced that in an off-market transaction, it has completed the acquisition of a key development site at 580 Dubuque Avenue – currently known as South City Station. Located in the heart of South San Francisco, one of the West Coast’s fastest growing markets for life sciences, the South City Station site is situated on nearly two acres and is pursuing entitlements for a 213,000 square foot development. The purchase price was not disclosed.
“We are thrilled to acquire the South City Station development site, which not only represents a significant project for the South San Francisco market, but a prized addition to our growing real estate portfolio,” said Tracy A. Murphy, President of IQHQ. “Once complete, South City Station will immediately meet the growing demand for premier life science real estate and R&D space in the thriving South San Francisco market. It will be developed to attract top talent.”
In a prime location with access to public transportation, the South City Station site is immediately adjacent to the new South San Francisco Caltrain Station, which is expected to open in Spring of 2021 and will connect from San Jose into Downtown San Francisco.
“The IQHQ leadership team has an excellent track record of making dynamic and large-scale life science projects a reality, and we’re pleased to partner with them on the South City Station project,” said Mike Futrell, City Manager of South San Francisco. “Despite the impact of the recent COVID-19 pandemic, the life sciences sector and real estate market continues to be a bright spot, and one the City of South San Francisco is committed to supporting.”
The South City Station acquisition follows IQHQ’s successful completion of a $770 million capital raise that has supported the REIT’s strategy to invest in cutting-edge life sciences projects in top innovation hubs.
IQHQ, formerly Creative Science Properties, empowers the life science community to thrive and succeed by creating and developing environments that inspire progress and give innovation a home to grow. IQHQ’s focus is to acquire, develop and operate life science properties in the innovation hubs of San Francisco, San Diego and Boston in the United States, and the Golden Triangle in the United Kingdom. IQHQ has offices in San Diego and Boston. To learn more, visit www.iqhqreit.com or follow us on LinkedIn or Instagram.