By Kate Snyder
A leading life science development company is expanding its holdings in Redwood City, where the firm has several projects currently in the works. In a recent deal, IQHQ, Inc., purchased a 0.6-acre property at 1745 El Camino Real for $13.5 million, according to a report from The Mercury News. The sale was recorded on Nov. 2, and the seller was an entity affiliated with family trusts for Nicholas Athens and Candida Athens. According to Google Maps, a BevMo! Wine Store is located at the site.
In January, an entity affiliated with IQHQ purchased a two-story mixed-use building for $4.1 million, or $854 per square foot, according to public records. That property is located at 128 Cedar St., just a block away from the property at 1745 El Camino Real. Both properties are adjacent to Elco Yards, one of IQHQ’s large life science projects.
“Elco Yards is a mixed-use district that aligns with the company’s strategy to develop iconic, sustainable and truly transformational projects in the world’s leading life science markets,” according to the firm’s website. The development features four buildings totaling approximately 600,000 square feet and two residential buildings with 540 units. IQHQ acquired the site last year and has partnered with Greystar, a residential development firm, for the residential portion.
Situated in downtown Redwood City along the Caltrain corridor and close to several major highways, Elco Yards is surrounded by residential, retail, restaurants and parks with immediate access to the Bay, according to IQHQ’s website. Per the firm, Elco Yards represented the first large-scale office and life science development site in a central downtown location in Redwood City, which is home to a significant cluster of life science companies.
Also in Redwood City, IQHQ earlier this year proposed a 654,000 square-foot life science development located at 10-20 Twin Dolphin Drive, according to The Registry’s previous reporting. Additionally, the company has a 355,000 square-foot life science project at 580 Dubuque in San Francisco. In total the company’s global development portfolio reaches 10 million square feet. The company has developments in San Diego, San Francisco, Boston and Cambridge, U.K.