Newly Formed REIT Pays $270M for Fenway Office-Medical Property in Boston

Creative Science Properties announced last week its intent to change its name to IQHQ, Inc. IQHQ also announced at that time it had successfully completed a $770-million equity raise.

109 Brookline, Boston

BOSTON—IQHQ, Inc., formerly Creative Science Properties, has come off a recent successful $770-million capital raise and acquired 109 Brookline in the Fenway section of Boston for $270 million.

IQHQ acquired the 285,000-square-foot office, medical and laboratory building from Equity Commonwealth. 109 Brookline is currently 99% leased to Beth Israel Deaconess Medical Center, Dana-Farber Cancer Institute and Boston Children’s Hospital—all of which operate flagship hospitals in the adjacent Longwood Medical and Academic Area– as well as Toast, a fast-growing technology startup firm.

Newmark Knight Frank co-head of US Capital Markets Robert Griffin, vice chairman Edward Maher, executive managing directors Matthew Pullen and Frank Nelson, managing directors Michael Greeley and Samantha Hallowell and associate irector Blake McLaughlin of NKF’s Boston Capital Markets group oversaw the transaction on behalf of Equity Commonwealth.

“Boston’s amazing life sciences cluster keeps fueling demand for high quality space,” says John Bonanno, chief investment officer of IQHQ. “109 Brookline checks a lot of boxes for us—it’s adjacent to Fenway Center, easily accessible by public transportation, and in a neighborhood with a history of full occupancy and a bright future. It fits in with IQHQ’s long-term plans to invest in projects that support the growth of the life sciences sector.”

IQHQ’s $770-million capital raise will enable the firm to invest in life sciences projects in its core markets of Boston, San Francisco and San Diego in the United States, and the Golden Triangle in the United Kingdom.

Creative Science Properties announced last week its intent to change its name to IQHQ, Inc. IQHQ also announced at that time it had successfully completed a $770-million equity raise, including a private placement financing to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and project specific equity investments. Investment banker Raymond James led the financing.

Alan Gold, executive chairman of IQHQ, and a pioneer of the life science real estate asset class, has teamed with experienced life science real estate veterans at IQHQ, including Steve Rosetta, who will serve as CEO; Tracy Murphy, who will serve as president; and Bonanno, who will serve as chief investment officer.