SAN FRANCISCO–IQHQ, Inc., a premier life science real estate development company, announced that it has completed the acquisition of Elco Yards.
Situated in one of the peninsula’s most dynamic downtowns, Redwood City, the fully entitled, shovel-ready development site is within walking distance to transit connections from San Francisco to San Jose.
Expanding on IQHQ’s ongoing development efforts in the Bay Area, Elco Yards is a mixed-use district that aligns with the company’s strategy to develop iconic, sustainable and truly transformational projects in the world’s leading life science markets. The purchase price was not disclosed.
“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.
“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.”
Developed to attract top talent, spur innovation, and align with IQHQ’s strong leadership in sustainability, all of the buildings will be LEED Gold. In addition, with over an acre of public outdoor space, the development will provide flexible open space that will benefit tenants, employees and the surrounding community. Future plans include a new landscaped pedestrian- and bike-friendly path along Redwood Creek, extending from El Camino Real to Lathrop Street.
Situated in downtown Redwood City along the Caltrain corridor and close to several major highways, Elco Yards is surrounded by residential, retail, restaurants, and parks with immediate access to the Bay. Redwood City features a vibrant downtown community, and it has long been a popular area in which to live and work. The city’s exciting blend of entertainment, retail, restaurants, residential and modern workspace continue to make it the peninsula’s premier hub.