IQHQ’s attempts to convert the former Hotel Buckminster to lab space prompted advocates to get the property landmarked. The company hasn’t yet filed full plans for the property with city officials. Photo by James Sanna | Banker & Tradesman Staff
Lab sites in Allston and the Fenway refinanced their debt after life science developer IQHQ Inc. received $900 million in additional investments from its long-term partners.
In January, IQHQ announced that it had raised $900 million in equity from its existing investors. Previously, the life science REIT had raised $2.5 billion in the immediate aftermath of the pandemic, as investment in the life science sector soared.
“We intend to continue executing on key projects in the first quarter and are well-situated to build on our strategy throughout 2025 and beyond, further solidifying IQHQ’s position as the preeminent developer of world-class life science districts,” co-CEO Stephen Rosetta said in a statement announcing the equity raise.
Since late December, the San Diego lab developer has refinanced its debt on three properties in Allston and the Fenway. Citizens Bank provided $486.5 million in financing under a credit agreement that was originally issued in 2022 and most recently amended on Nov. 20, according to Suffolk County mortgage filings.
The properties include the former Sound Museum rehearsal studios building at 155 North Beacon St. in Allston, which has been demolished for a 410,000-square-foot lab development since being approved by city officials.
A Fenway lab building and a Kenmore Square development site that’s been stalled in permitting since 2023 also received financing through the mortgage. IQHQ proposed a 461,300-square-foot project on the Kenmore Square parcels at the corner of Beacon Street. One of the parcels includes the former Hotel Buckminster, which was approved as a city landmark by the Boston Landmarks Commission in August 2023, and no additional filings have been submitted to the Boston Planning Department.
The financing also includes 20 Overland St. in the Fenway.
No new mortgages have been filed for IQHQ’s Fenway Center project, which includes a deck being built over the Massachusetts Turnpike to support a pair of lab towers totaling 720,000 square feet.
An IQHQ spokesperson declined to comment on how the new investment would affect the timetable for IQHQ’s development projects in Boston.
In December, IQHQ sold an approved lab development site at 103 North Beacon St. in Allston to NB Development for $17 million.
