Key milestone advances planned development that will meet growing demand for premier life science real estate in the Boston market
BOSTON–(BUSINESS WIRE)–IQHQ, Inc., a premier life sciences real estate development company, today announced that its Fenway Center PDA amendment has been unanimously approved by the Boston Planning & Development Agency (BPDA). The revised plan for the state-of-the-art project includes laboratory, office, retail space, and a shared use garage.
“This is a major milestone for the Fenway Center project, and we appreciate the BPDA’s thorough review and unanimous approval of our Notice of Project Change,” said John Bonanno, Chief Investment Officer of IQHQ. “Fenway Center will be designed with open, flexible spaces, plenty of daylight and state-of-the-art life-science office and lab uses. It will serve Boston’s rapidly growing life sciences sector, and it will provide future tenants with spaces for creative inspiration, problem solving and idea generation.”
Developed in partnership with Meredith Management, the approved project design for the Fenway Center includes three key components: a main 22-story high-rise building, a 12-story mid-rise building, and a shared use automated garage that will be accessible to both buildings. Considered a model transit and sustainable energy-oriented gateway project, the GOLD LEED certified Fenway Center mixed-use project will be directly adjacent to Lansdowne Commuter Rail Station, which will provide future workers with easy access to the MBTA Commuter Rail and other nearby mass transportation. Fenway Center is also within easy walking distance to Fenway Park, Lansdowne Entertainment District and the Longwood Medical Area.
“I am beyond thrilled to partner with IQHQ, the gold-standard in life science development, to complete the Fenway Center mixed-use development,” said John E. Rosenthal, President of Meredith Management. “Not only will the Fenway Center project provide new state-of-the-art life science space adjacent to the Longwood Medical Area to help meet current pent up demand, it will be developed to serve the needs of future tenants with collaborative workspaces teaming with top talent, and access to world-class amenities and public transportation.”
Last month, IQHQ acquired 109 Brookline Avenue, a 285,000 square-foot lab and office building that features top medical, technology, research and laboratory companies affiliated with the neighboring Longwood Medical Area. It also completed a $770 million capital raise that will enable the company – formerly known as Creative Science Properties – to invest in Fenway Center and other life sciences projects in its core markets.
IQHQ, formerly Creative Science Properties, 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.
About Meredith Management
Meredith Management is a real estate management and development firm with a proven track record and a reputation as a first-class, community-oriented real estate developer. Meredith developed the first mixed income multi-family affordable housing complex financed by MassHousing in 1969 and has developed several thousand units since. Meredith currently owns over 1,000 apartments and approximately 150,000 square feet of commercial space in the Commonwealth. To learn more, visit www.meredithmanagement.com.