Alewife Park currently serves as GCP’s corporate headquarters and includes nearly 290,000 gross square feet of existing office, laboratory and R&D space. The acquisition will complement IQHQ’s growing portfolio of properties in Greater Boston.
“Cambridge serves as home to some of the most elite biopharmaceutical and biotechnology companies in the world, and continues to be a coveted location for life science and technology companies due to its strong intellectual infrastructure, anchored by prestigious institutions such as MIT and Harvard,” said Tracy A. Murphy, President of IQHQ. “We are excited about the acquisition of Alewife Park, and to be able to provide tenants with a premier scalable office and laboratory campus in a renowned center for innovation. We are committed to working with the City of Cambridge and our neighbors as we usher in a new era for the site.”
Alewife Park’s 26.5-acre site is well positioned for future development. Located to the east of Alewife Brook Parkway between Rindge and Whittemore Avenues in North Cambridge, the site is directly adjacent to the MBTA Red Line’s Alewife Station in one of the most sought-after life science and technology destinations in the country. The Cambridge market shows no signs of slowing down and consistently posts double-digit rent growth and ultra-low vacancy rates.
“We are pleased to complete this transaction with IQHQ, which has an excellent track record of managing and developing premier life science properties in the Greater Boston area,” said Randy Dearth, President and CEO of GCP Applied Technologies. “We see this sale as a win for GCP, IQHQ, the City of Cambridge and our neighbors.”
The acquisition of the Alewife Park expands IQHQ’s portfolio of assets serving Greater Boston’s thriving life science market including 109 Brookline Avenue, a 285,000 square-foot lab and office building near the Longwood Medical Area, and the Fenway Center project, a state-of-the-art development that will include lab, office, and ground level retail space. IQHQ also recently acquired Innovation Park, a 200,000 square foot campus in Andover.