CenterSquare Investment Management, a leading global real assets manager, today announced a $158 million equity investment in IQHQ, a premier life sciences real estate development company. CenterSquare participated in the $1.7 billion funding round of new equity to support expansion of the company's growing portfolio of properties in premier life sciences markets including Boston, San Francisco and San Diego. IQHQ will use the funds to pursue its development pipeline that includes an anticipated 4.4 million square feet of cutting-edge projects.
"The strength of our conviction in the life sciences sector is only matched by our confidence in IQHQ's ability to meet the highly specialized demand for real estate in this exciting and rapidly expanding asset class," said Todd Briddell, CEO and CIO of CenterSquare. "This management team has executed on a highly scalable vision that continues to deliver state-of-the-art office, lab and R&D space for premier tenants who are focused on critical innovations that improve and save millions of lives. We are extremely proud to be a part of this story on behalf of our investors and look forward to IQHQ's ongoing success."
Demand for life sciences real estate is expected to increase in the coming decade as the population ages and the need for vaccines, therapeutics and diagnostics accelerates globally. IQHQ recently announced the groundbreaking of an iconic development site along San Diego's waterfront and the acquisition of Alewife Park in Cambridge, MA. CenterSquare's investment, as part of this offering, improves IQHQ's overall positioning to execute on future pipeline transactions as well as underpin the existing portfolio and balance sheet.
"We are excited to welcome CenterSquare as a strategic investor in our company," said Steve Rosetta, CEO of IQHQ. "The firm has a clear understanding of our business model and the growth opportunities that lies before us, and their experience in both public and private real estate investment will serve our team particularly well over the long term."
About CenterSquare
CenterSquare is a global investment manager focused on actively managed real estate and infrastructure strategies. Headquartered outside Philadelphia with affiliate offices in New York, Los Angeles, London and Singapore, CenterSquare's management team holds an average of 30 years of experience, with expertise across real assets and the liquidity spectrum As of September 30, 2020, CenterSquare manages approximately $11 billion in assets on behalf of some of the world's most well-known institutional and private investors. For more information, visit www.centersquare.com
About IQHQ
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.
