{"id":1004710899,"date":"2024-04-18T03:46:47","date_gmt":"2024-04-18T11:46:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004710899"},"modified":"2024-04-18T06:33:44","modified_gmt":"2024-04-18T14:33:44","slug":"iqhq-tops-out-330-ksf-life-science-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/iqhq-tops-out-330-ksf-life-science-building\/","title":{"rendered":"IQHQ Tops Out Bay Area Life Science Building"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"541\" height=\"406\" data-attachment-id=\"1004710902\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/iqhq-tops-out-330-ksf-life-science-building\/spur-phase-one-rendering-01\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Spur_Phase_One_Rendering_01-e1713436489834.jpg\" data-orig-size=\"541,406\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;McCarthy Building Companies, Inc&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Spur Phase 1 Rendering&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Spur-Phase-One-Rendering-01&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Spur-Phase-One-Rendering-01\" data-image-description=\"&lt;p&gt;The development at 580 Dubuque Ave. in South San Francisco, Calif.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Spur Phase One will measure 330,000 square feet and comprise a fitness center, bike storage, caf\u00e9, conference room and lobby reception area. Image courtesy of McCarthy Building Cos. Inc.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Spur_Phase_One_Rendering_01-e1713436489834.jpg?w=541\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Spur_Phase_One_Rendering_01-e1713436489834.jpg\" alt=\"The development at 580 Dubuque Ave. in South San Francisco, Calif.\" class=\"wp-image-1004710902\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Spur_Phase_One_Rendering_01-e1713436489834.jpg 541w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Spur_Phase_One_Rendering_01-e1713436489834.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 541px) 100vw, 541px\" \/><figcaption class=\"wp-element-caption\">Spur Phase One will measure 330,000 square feet across eight stories. <em>Image courtesy of McCarthy Building Cos. Inc.<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>IQHQ has topped out Spur Phase One, a 330,000-square-foot life science building in South San Francisco, Calif. Completion of the eight-story development is anticipated by early 2025.<\/p>\n\n\n\n<p>Partners on the Class A project include general contractor McCarthy Building Cos. Inc., architect Perkins &amp; Will, structural engineer Magnusson Klemencic Associates and VFR, which is the owner\u2019s representative. Cushman &amp; Wakefield is handling leasing, according to CommercialEdge data.<\/p>\n\n\n\n<p>In November 2022, IQHQ took out a $275 million construction loan originated by Apollo Global Management, the same source shows. The developer expects to finish the exterior phase in September. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/san-francisco-office-deals-slowest-among-gateway-markets\/\">San Francisco Office Deals Slowest Among Gateway Markets<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>The high-tech life science building will be fully electric and include a mechanical penthouse on the roof and a below-grade, four-level parking structure. Designed to achieve LEED Gold certification, the facility will feature floorplates averaging 35,000 square feet, as well as a fitness center, bike storage, caf\u00e9, conference room and lobby reception area. Its sustainable components will comprise daylighting usage, bioretention and recycled water irrigation.<\/p>\n\n\n\n<p>The transit-oriented, speculative building is rising on almost 2 acres at 580 Dubuque Ave., close to Highway 101 and the South San Francisco Caltrain Station. Downtown San Francisco is 2 miles from the site, while the Alexandria Center for Advanced Technologies-South San Francisco campus, where a drug development company recently <a href=\"https:\/\/www.commercialsearch.com\/news\/alexandria-secures-early-lease-renewal-at-bay-area-bio-campus\/\">signed an early lease renewal<\/a>, is 1 mile away.<\/p>\n\n\n\n<p>IQHQ also has a 900,000-square-foot, three-building project planned for a nearly 6-acre site at 800 Dubuque Ave., CommercialEdge shows. Development costs were estimated at $1.3 billion, according to <em>SF YIMBY<\/em>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-san-francisco-s-office-sector-faces-headwinds\">San Francisco&#8217;s office sector faces headwinds<\/h2>\n\n\n\n<p>The San Francisco metro saw almost 5.8 million square feet of office space under construction as of February, according to the latest <a href=\"https:\/\/www.commercialsearch.com\/news\/uncovering-regional-disparities-in-remote-work\/\">CommercialEdge office report<\/a>. However, the market\u2019s vacancy rate clocked in at 24 percent, rising 480 basis points year-over-year. Additionally, San Francisco is still leading the region in terms of average rent\u2014$59.81 per square foot\u2014although the value dropped 11.1 percent year-over-year.<\/p>\n\n\n\n<p>In December, Healthpeak Properties received approval of entitlements for the second and third phases of Vantage, an approximately <a href=\"https:\/\/www.commercialsearch.com\/news\/healthpeak-to-add-1-3-msf-to-bay-area-life-science-campus\/\">1.7 million-square-foot life science campus<\/a> also in South San Francisco. The development&#8217;s first phase included two build-to-suit properties totaling 343,000 square feet and a 40,000-square-foot amenity building.<\/p>\n\n\n\n<p>A few months earlier, Forge Development\u2019s plans for the construction of a <a href=\"https:\/\/www.commercialsearch.com\/news\/900-ksf-san-francisco-life-science-project-moves-forward\/\">900,000-square-foot life science park<\/a> moved forward. Dubbed Berkeley Forge, the development will rise on 10 acres and consist of eight buildings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2022, the developer took out a $275 million construction loan for this project.<\/p>\n","protected":false},"author":3355,"featured_media":1004710902,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21742,21747,1609,15],"tags":[32799,48695,32779,49321,51813],"class_list":["post-1004710899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-latest","category-office","category-san-francisco","category-west","tag-cushman-wakefield","tag-iqhq","tag-leed","tag-mccarthy-building-cos","tag-perkins-will"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IQHQ Tops Out Bay Area Life Science Building - 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