Photo courtesy of IQHQ

What: Innovation Park
Where: 4 Corporate Drive, Andover
Owner: IQHQ Inc.
Built: 1989 

University of Massachusetts-Lowell and Ora Inc. have signed a pair of long-term leases totaling 17,000 square feet at Innovation Park, a 200,000-square-foot corporate campus in Andover. 

Life science developer IQHQ acquired the property on March 9 for $36 million from Eisai Research Institute. IQHQ has hired TRIA Architects to redesign the site as part of a strategic repositioning plan, adding a café with indoor and outdoor seating, a fitness center and common area improvements. 

The acquisition is the third in Greater Boston for IQHQ, which bought the 109 Brookline Ave. office-lab building in Boston for $270 million in February, and is partnering with Meredith Management on the Fenway Center project consisting of two office-lab towers totaling 720,000 square feet. 

IQHQ, previously named Creative Science Properties, raised $770 million earlier this year for acquisitions in the Greater Boston, San Francisco and San Diego markets. 

They Said It: 

“The acquisition of Innovation Park supports our vision for Massachusetts by expanding our footprint outside of downtown Boston and into the surrounding Andover medical innovation and life science cluster. Through our redesign, we will enhance the campus to meet the needs of future tenants that are seeking premier office and lab space in Greater Boston.” 

— Tracy Murphy, president, IQHQ