The South City Station site is pursuing entitlements for a 213,000-square-foot development. Ben Paul, Executive Managing Director, with Cushman & Wakefield represented both parties in the transaction.
“The San Francisco Peninsula real estate market remains a global leader for the life sciences industry and has maintained superior market fundamentals even during these painful times amidst the pandemic,” said Ben Paul.
Paul added, “This site provide a unique opportunity for IQHQ to develop a Class A facility of scale at the South City train station within walking distance to brand new residential and the burgeoning downtown.” Ben Paul and Mike Moran of Cushman & Wakefield will be retained for the leasing assignment.
“We are thrilled to acquire the South City Station development site, which not only represents a significant project for the South San Francisco market, but a prized addition to our growing real estate portfolio,” said Tracy A. Murphy, President of IQHQ. “Once complete, South City Station will immediately meet the growing demand for premier life science real estate and R&D space in the thriving South San Francisco market. It will be developed to attract top talent.”
The property is located immediately adjacent to the future South San Francisco Caltrain Station expected to open in Spring of 2021 and will connect from San Jose into Downtown San Francisco. It is also near the San Francisco International Airport.