SAN DIEGO--(BUSINESS WIRE)--IQHQ, Inc., a premier life sciences real estate development company, today announced that it has completed the acquisition of an iconic development site along San Diego’s waterfront. In addition, IQHQ introduced a new brand to capture the significance of the site – the San Diego Research and Development District (The RaDD) – and announced the start of construction.
“San Diego has some of the brightest minds and innovative companies that have made our region a hub for groundbreaking research and discoveries,” said Mayor Kevin L. Faulconer. “The Research and Development District will transform our waterfront and bring top-tier life science companies to downtown. Congratulations to IQHQ on this exciting project and we look forward to seeing this district come to life!”
Entitled for new office, lab and support retail space, the RaDD is situated on more than eight acres and occupies three entire city blocks – representing the largest urban commercial waterfront site along California’s Pacific coast. With entitlements secured and key foundation permits already in-hand, IQHQ is breaking ground on the first phase of the project this week with completion of the initial phase anticipated in Summer 2023.
“The Research and Development District is exciting on so many levels – not only does it represent our first acquisition in the San Diego region, which IQHQ is proud to call home, we also have an opportunity to create the first truly urban waterfront campus dedicated to the advancement of life sciences,” said Tracy A. Murphy, President of IQHQ. “Once complete, the RaDD will be a premier development that will spark and define the region’s commercial life science market in San Diego similar to that of the Seaport District in Boston.”
With an 82 percent increase in life science employees over the last decade, San Diego is the third largest life science market in the United States that is experiencing a growing demand for new Class A office and lab space. The RaDD will attract top tenants and talent that will be drawn to this premier work-live-play campus with remarkable access to transit, housing, dining and top amenities.
IQHQ empowers the life science community to thrive and succeed by creating and developing environments that inspire progress and give innovation a home to grow. IQHQ’s focus is to acquire, develop and operate life science properties in the innovation hubs of San Francisco, San Diego and Boston in the United States, and the Golden Triangle in the United Kingdom. IQHQ has offices in San Diego and Boston. To learn more, visit www.iqhqreit.com or follow us on LinkedIn or Instagram.