{"id":1004556424,"date":"2021-11-02T04:00:25","date_gmt":"2021-11-02T12:00:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004556424"},"modified":"2022-12-09T02:51:33","modified_gmt":"2022-12-09T10:51:33","slug":"iqhq-acquires-site-for-bay-area-life-science-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/iqhq-acquires-site-for-bay-area-life-science-project\/","title":{"rendered":"IQHQ Acquires Site for Bay Area Life Science Project"},"content":{"rendered":"
\"Elco<\/a>

Elco Yards. Image courtesy of IQHQ Inc.<\/p><\/div>\n

Life science property developer IQHQ Inc. has acquired Elco Yards, a fully entitled development site in downtown Redwood City, Calif., between San Francisco and San Jose, the company announced Monday.<\/p>\n

The mixed-use Elco Yards district reportedly is the first large-scale office and life science development site in central downtown Redwood City and will expand on IQHQ\u2019s ongoing Bay Area development efforts.<\/p>\n

The seller was Greystar, an IQHQ spokesperson told Commercial Property Executive<\/em>. The purchase price was not disclosed.<\/p>\n

\n

READ ALSO<\/strong>: ULI, PwC Name Real Estate\u2019s Top Cities<\/a><\/p>\n

\n

The development will feature four buildings totaling about 600,000 square feet and two residential buildings totaling 540 units; all are intended to be LEED Gold certified.<\/p>\n

Greystar will be IQHQ\u2019s development partner for the residential buildings. Redwood City Mayor Diane Howard noted in a prepared statement that the 540 residential units are \u201cmuch-needed\u201d in Redwood City and will include 147 affordable housing units.<\/p>\n

The project will also include more than an acre of public outdoor space, and plans include a new landscaped pedestrian- and bike-friendly path along Redwood Creek, extending from El Camino Real to Lathrop Street.<\/p>\n

The site is along El Camino Real, near the Caltrain corridor, and a long-time location for used-car dealerships and auto repair shops. \u201cElco\u201d comes from a nickname for the classic Chevrolet El Camino, the 1960s hybrid of a coupe and pickup truck.<\/p>\n

Biotech hub<\/h2>\n

In September of last year, IQHQ broke ground<\/a> on the 8-acre, $1.5 billion Research and Development District, on San Diego\u2019s waterfront.<\/p>\n

And last November, IQHQ completed a $1.7 billon equity raise<\/a>, earmarked to help finance 4.4 million square feet of development in Boston, San Francisco and San Diego.<\/p>\n

As an indicator of the Bay Area\u2019s strength as a biotech and pharma hub, from 2016 through 2020, the University of California, San Francisco; Stanford University; and the University of California, Berkeley collectively received roughly $6.4 billion in funding from the National Institutes of Health, according to a report from Cushman & Wakefield.<\/p>\n

\u201cMarket demand has created a continually landlord-favorable market,\u201d the report states, and developers have responded vigorously, with 5.2 million square feet of deliveries over the last six years, 3 million now under construction and more than 16 million at various stages of planning. The vast majority of this construction is speculative.<\/p>\n","protected":false},"excerpt":{"rendered":"

This mixed-use development will also feature office and residential space.<\/p>\n","protected":false},"author":882,"featured_media":1004556437,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21752,21742,21747,1609,36079,15],"tags":[32799,33181,48695],"class_list":["post-1004556424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-mixed-use","category-latest","category-office","category-san-francisco","category-san-jose","category-west","tag-cushman-wakefield","tag-greystar","tag-iqhq"],"acf":[],"yoast_head":"\nIQHQ Acquires Site for Bay Area Life Science Project - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/iqhq-acquires-site-for-bay-area-life-science-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IQHQ Acquires Site for Bay Area Life Science Project\" \/>\n<meta property=\"og:description\" content=\"This mixed-use development will also feature office and residential space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/iqhq-acquires-site-for-bay-area-life-science-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-02T12:00:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:51:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Elco-Yards-Redwood-City.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"801\" \/>\n\t<meta property=\"og:image:height\" content=\"619\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iqhq-acquires-site-for-bay-area-life-science-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/iqhq-acquires-site-for-bay-area-life-science-project\/\",\"name\":\"IQHQ Acquires Site for Bay Area Life Science Project - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iqhq-acquires-site-for-bay-area-life-science-project\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iqhq-acquires-site-for-bay-area-life-science-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Elco-Yards-Redwood-City.jpg\",\"datePublished\":\"2021-11-02T12:00:25+00:00\",\"dateModified\":\"2022-12-09T10:51:33+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iqhq-acquires-site-for-bay-area-life-science-project\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/iqhq-acquires-site-for-bay-area-life-science-project\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iqhq-acquires-site-for-bay-area-life-science-project\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Elco-Yards-Redwood-City.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Elco-Yards-Redwood-City.jpg\",\"width\":801,\"height\":619,\"caption\":\"Elco Yards. 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