IQHQ Lands Full-Building Biotech Tenant in Massachusetts

AdvanCell has inked a 128,000-square-foot lease for the entirety of the 1 Corporate Drive building at Innovation Park, a life science and advanced manufacturing campus in Andover, Mass. The landlord is IQHQ Inc., which acquired 1 Corporate Drive for $8.3 million in 2021, according to Yardi Matrix data.

The deal brings the newly constructed Phase 2 of Innovation Park to fully leased. The Innovation Park campus includes 340,000 square feet of life science space, with amenities including a café, a fitness center with locker rooms and communal conference space. Also available are EV charging and bike storage. 

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IQHQ still has one remaining 137,000-square-foot availability at Innovation Park, space that comprises Grade B, C and D clean rooms, lab, office, warehouse and support areas for life science manufacturing operation. The space is ready to manufacture in. 

AdvanCell is a clinical-stage radiopharmaceutical company developing therapies for cancer patients. The company’s lead clinical candidate is being developed to treat prostate cancer, a disease that accounts for about 300,000 new diagnoses and 35,000 deaths in the U.S. each year.

The company’s Andover site is expected to support AdvanCell’s growth as it advances toward late-stage development and scales its proprietary manufacturing capabilities for future commercial production. Also on the campus is Generate Biomedicines, a spinout of biotech company Flagship Pioneering that completed a $400 million initial public offering in February.

Boston life science facing excess inventory

The deal comes not long after a nationwide boom in life science space growth, especially in metro San Francisco and greater Boston. About one-quarter of the life science space delivered between 2020 and 2025 was in the San Francisco Bay Area and 33 percent in the Boston-Cambridge market, according to Savills Research.

The metro Boston market now has 16 million square feet of available life science space, a record high in total availability, according to Colliers. Boston is one of five metros that Colliers tracks where vacancy rates now exceed 20 percent.

Life science space users are still on the hunt in metro Boston, however. In January, Stoke Therapeutics signed a 98,500-square-foot headquarters lease at 245 Fifth Ave., a 262,000-square-foot office building in Waltham, Mass. Anchor Line Partners and Northwood Investors own the six-story building. The biotech firm is moving out of a 36,800-square-foot office building in Bedford, Mass.