ANDOVER, Mass.–(BUSINESS WIRE)–IQHQ, Inc., a premier life sciences actual property growth firm, right now introduced that in an off-market transaction, it has acquired Innovation Park, an roughly 200,000 sq. foot campus on the 495 Hall in Andover, Massachusetts. The strategic acquisition will complement IQHQ’s portfolio of downtown belongings, and it’ll meet the rising demand by massive establishments for state-of-the-art workplace and lab area in each downtown Boston and within the surrounding suburbs.
This rising pattern is illustrated by Innovation Park’s latest tenants – UMass Lowell and Ora, Inc., which have signed long-term leases with IQHQ. Colliers represented IQHQ for the transaction, and the acquisition worth was not disclosed. TRIA Architects has been retained to revamp the positioning as a part of IQHQ’s strategic repositioning plan.
“The acquisition of Innovation Park helps our imaginative and prescient for Massachusetts by increasing our footprint outdoors of downtown Boston and into the encircling Andover medical innovation and life science cluster,” stated Tracy A. Murphy, President of IQHQ. “We’re happy to welcome UMass Lowell and Ora as our first tenants. Via our redesign, we’ll improve the campus to fulfill the wants of future tenants which can be in search of premier workplace and lab area in Better Boston.”
Since 2016, there was roughly 2 million sq. ft of latest demand for suburban lab area in Better Boston. The acquisition of the Innovation Park campus in Andover is complementary to IQHQ’s portfolio of downtown Boston belongings together with 109 Brookline Avenue, a 285,000 square-foot lab and workplace constructing close to the Longwood Medical Space, and the Fenway Heart undertaking, a state-of-the-art growth that can embrace lab, workplace, and floor stage retail area. Following IQHQ’s profitable completion of a $770 million capital elevate earlier this yr, the REIT has been quickly increasing its portfolio to assist its technique of investing in cutting-edge life science tasks in high innovation hubs.
“It’s thrilling to see IQHQ increase and diversify its life science portfolio in Massachusetts, and it’s encouraging to see continued funding within the Better Boston biotech sector in the midst of the pandemic that has had such an influence on our lives and economic system,” stated Robert Ok. Coughlin, President & CEO of MassBio. “As the highest life sciences cluster on the planet, Massachusetts is taking part in a vital function within the seek for new therapies for COVID-19, and as this deal illustrates, the biotech trade will even play a serious function in our financial restoration.”
Situated at four Company Drive in Andover, IQHQ plans to replace the Innovation Park property. The redesign will add new facilities together with a first-class café with indoor and outside seating, a health middle additionally with each indoor and outside exercise areas and customary space enhancements.
IQHQ empowers the life science group to thrive and succeed by creating and growing environments that encourage progress and provides innovation a house to develop. IQHQ’s focus is to accumulate, develop and function life science properties within the innovation hubs of San Francisco, San Diego and Boston in the USA, and the Golden Triangle in the UK. IQHQ has places of work in San Diego and Boston. To study extra, go to www.iqhqreit.com or observe us on LinkedIn or Instagram.
About Ora, Inc.
Ora is the world’s main full-service ophthalmic CRO and product growth agency with places of work in the USA, the UK, Australia and Japan. Over the previous 40 years, we have now proudly helped our shoppers earn greater than 45 product approvals. We assist a big selection of organizations, from start-ups to international pharmaceutical and machine firms, to effectively carry their new merchandise from idea to market. Ora’s pre-clinical and medical fashions, distinctive methodologies and international regulatory methods have been refined and confirmed throughout 1000’s of world tasks. We carry collectively the world’s most intensive and skilled workforce of ophthalmic specialists and R&D professionals to maximise the worth of latest product initiatives. For extra data, please go to www.oraclinical.com.
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