IQHQ is making South San Francisco one of its top priorities. The Solana Beach, Calif.-based life science real estate development company just acquired a third parcel in this city on Dubuque Avenue, totaling its investment in this submarket at $255 million in just about 18 months. The company’s latest acquisition is the Costco Business Center at 900 Dubuque Avenue, which IQHQ purchased in October of 2021 for $29,762,500, according to public records. The 111,484 square-foot property is next to its 800 Dubuque Avenue asset, which IQHQ purchased in February of this year for $215 million. The third parcel, which is located down the street at 580 Dubuque Avenue, was bought in April of 2020 for just over $10 million.
IQHQ is planning to develop a roughly 355,000 square foot project at 580 Dubuque. It will be a nine-story single office/lab building, according to the company’s website. Plans for the other two, more recently acquired parcels have not been announced at this point.
Two additional parcels sit between the properties owned by IQHQ. They are located at 720 and 608 Dubuque, and both were purchased in June of 2021 for just over $11 million by an entity associated with GPR Ventures. The two companies now own the entire assemblage of properties along Dubuque Avenue from Grand Avenue to Oyster Point Boulevard.
South San Francisco has been central in the evolution of the life science sector in the Bay Area, and it is home to numerous biotech companies. Some of the nation’s and for that matter largest global life science development companies have made South San Francisco a focal point of their investment strategy. Alexandria Real Estate Equities, BioMed Realty, Healthpeak Properties and Kilroy Realty are just some of the most important players in the North San Mateo County city.
In November of 2020, IQHQ had announced that the company raised over $2.4 billion in two equity transactions during last year with the goals of funding 4.4 million square feet of development projects in the company’s pipeline in Boston, San Francisco and San Diego markets. Recently, the company purchased two additional properties in Redwood City, one from Oracle, for which the company paid $164 million, according to public documents, and the other from Greystar. The pricing on the latter has not been confirmed, yet, but they represent significant investments that the company has already made in the Bay Area alone.
IQHQ bills itself as a place where progress can find a home. It acquires, develops and operates 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, according to the company’s website.