IQHQ, Inc., a premier life sciences real estate development company, today announced that in an off-market transaction, it has acquired Innovation Park, an approximately 200,000 square foot campus on the 495 Corridor in Andover, Massachusetts. The strategic acquisition will complement IQHQs portfolio of downtown assets, and it will meet the increasing demand by large institutions for state-of-the-art office and lab space in both downtown Boston and in the surrounding suburbs.
This growing trend is illustrated by Innovation Parks newest tenants “ UMass Lowell and Ora, Inc., which have signed long-term leases with IQHQ. Colliers represented IQHQ for the transaction, and the purchase price was not disclosed. TRIA Architects has been retained to redesign the site as part of IQHQs strategic repositioning plan.
The acquisition of Innovation Park supports our vision for Massachusetts by expanding our footprint outside of downtown Boston and into the surrounding Andover medical innovation and life science cluster, said Tracy A. Murphy, President of IQHQ. We are pleased to welcome UMass Lowell and Ora as our first tenants. Through our redesign, we will enhance the campus to meet the needs of future tenants that are seeking premier office and lab space in Greater Boston.
Since 2016, there has been approximately 2 million square feet of new demand for suburban lab space in Greater Boston. The acquisition of the Innovation Park campus in Andover is complementary to IQHQs portfolio of downtown Boston assets including 109 Brookline Avenue, a 285,000 square-foot lab and office building near the Longwood Medical Area, and the Fenway Center project, a state-of-the-art development that will include lab, office, and ground level retail space. Following IQHQs successful completion of a $770 million capital raise earlier this year, the REIT has been rapidly expanding its portfolio to support its strategy of investing in cutting-edge life science projects in top innovation hubs.
It is exciting to see IQHQ expand and diversify its life science portfolio in Massachusetts, and it is encouraging to see continued investment in the Greater Boston biotech sector in the middle of the pandemic that has had such an impact on our lives and economy, said Robert K. Coughlin, President & CEO of MassBio. As the top life sciences cluster in the world, Massachusetts is playing a critical role in the search for new treatments for COVID-19, and as this deal illustrates, the biotech industry will also play a major role in our economic recovery.
Located at 4 Corporate Drive in Andover, IQHQ plans to update the Innovation Park property. The redesign will add new amenities including a first-class caf with indoor and outdoor seating, a fitness center also with both indoor and outdoor workout areas and common area improvements.
IQHQ empowers the life science community to thrive and succeed by creating and developing environments that inspire progress and give innovation a home to grow. IQHQs 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.
About Ora, Inc.
Ora is the worlds leading full-service ophthalmic CRO and product development firm with offices in the United States, the United Kingdom, Australia and Japan. Over the past 40 years, we have proudly helped our clients earn more than 45 product approvals. We support a wide array of organizations, from start-ups to global pharmaceutical and device companies, to efficiently bring their new products from concept to market. Oras pre-clinical and clinical models, unique methodologies and global regulatory strategies have been refined and proven across thousands of global projects. We bring together the worlds most extensive and experienced team of ophthalmic experts and R&D professionals to maximize the value of new product initiatives. For more information, please visit www.oraclinical.com.