February 13, 2020 Comments Off on Newly-Formed REIT Picks Up Offices in Boston Life Sciences Cluster Views: 502 Boston New England News, Top Boston

Newly-Formed REIT Picks Up Offices in Boston Life Sciences Cluster

Newly-formed IQHQ Inc., formerly known as Creative Science Properties, acquired 109 Brookline Ave., a 285,000 square-foot lab and office building in Boston’s life sciences cluster. The REIT didn’t disclose the purchase price.

Separately, though, owner Equity Commonwealth said it sold the three-story 109 Brookline property for $270 million. For Solana Beach, CA-based IQHQ, the acquisition follows the completion of its $770 million capital raise that will enable facilitate life sciences project investments in its core markets.

“Boston’s amazing life sciences cluster keeps fueling demand for high quality space,” said John Bonanno, CIO of IQHQ. “109 Brookline checks a lot of boxes for us – it’s adjacent to Fenway Center, easily accessible by public transportation, and in a neighborhood with a history of full occupancy and a bright future. It fits in with IQHQ’s long-term plans to invest in projects that support the growth of the life sciences sector.”

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