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Images courtesy of IQHQ and Gensler
Life science developer IQHQ proposes three new R&D buildings at its recently-acquired campus in Cambridge’s Alewife section.
The redevelopment of the 26-acre site on Whittemore Avenue would retain two of the existing buildings totaling 180,000 square feet, and construct three new three-story R&D buildings and a parking garage, for a net increase of 365,000 square feet from the existing complex. The majority of the new development will replace existing buildings or parking areas, according to a proposed site plan.
The current occupant of the property, GCP Applied Technologies, sold the property to IQHQ for $125 million in July and leased back the campus rent-free for 18 months.
The redevelopment plans, designed by Gensler, also respond to Cambridge officials’ and residents’ demands that the property owners make the 9-acre Jerry’s Pond portion of the property accessible to the public. A public access plan for the property includes proposed pedestrian paths, picnic tables, a boardwalk and viewing station.
Contamination forced the closure of the pond in the 1960s. In July, the Cambridge city council asked City Manager Louis DePasquale to encourage restoration of the pond and public access under the new ownership.
IQHQ completed a $1.7 billion equity raise in 2020 and has targeted Greater Boston as a key growth market for its life science-oriented development strategy, following up the GCP deal with acquisition of the nearby Alewife Center office building. Previously, the company acquired 4 Corporate Drive in Andover for $36 million and 109 Brookline Ave. in Boston for $270 million.
Image courtesy of Gensler
