Life science real estate development company IQHQ has expanded its life science portfolio in the Bay Area with the acquisition of Elco Yards.
Situated in one of the peninsula’s most dynamic downtowns, Redwood City, the large-scale & mixed-use development project is within walking distance to transit connections from San Francisco to San Jose.
The purchase price was not disclosed.
IQHQ said Elco Yards is a mixed-use district that aligns with its strategy to develop iconic, sustainable and truly transformational projects in the world’s leading life science markets.
Elco Yards represents an iconic project in a thriving life science market with a proven track record of attracting top companies and diverse talent,” said Steve Rosetta, CEO of IQHQ. “We are excited to advance this project, which is fully entitled and well positioned to address the unmet demand for premier lab space in the Bay Area.”
Elco Yards represents the first large-scale office and life science development site in a central downtown location in Redwood City, which is home to significant cluster of life science companies.
The development features four dynamic buildings totaling approximately 600,000 square feet and two residential buildings with 540 units.
”For the residential buildings, IQHQ has engaged a premier residential development partner, Greystar, to meet the area’s growing demand for high quality housing,” the company said.
“We are pleased to welcome a leading life science development company to downtown Redwood City. As a nurse, I know the value of life science research and the positive health impacts it can have on people’s lives,” said Diane Howard, Mayor of Redwood City. “We look forward to Greystar’s continuing involvement and the creation of 540 units of much-needed housing in Redwood City. Following a robust community engagement process, the approved project offers 147 affordable housing units exceeding City inclusionary housing standards.”