San Francisco.

IQHQ, a life sciences real estate development company, will acquire a key development site in South San Francisco to develop into what it hopes will become another premier life science real estate and R&D complex.

The two-acre site, currently known as South City Station at 580 Dubuque Avenue, is located in the heart of South San Francisco, one of the West Coast's fastest growing markets for life sciences.

The deal is an off-market transaction and is entitled for a 213,000-square foot development. The purchase price was not disclosed.

"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 … attract top talent."

The location is prime for that, said Murphy. South City Station is immediately adjacent to the new South San Francisco Caltrain Station, which is expected to open in Spring of 2021 and will connect San Jose to Downtown San Francisco.

"The IQHQ leadership team has an excellent track record of making dynamic and large-scale life science projects a reality, and we're pleased to partner with them on the South City Station project," said Mike Futrell, City Manager of South San Francisco in the same release. "Despite the impact of the recent COVID-19 pandemic, the life sciences sector and real estate market continues to be a bright spot."

IQHQ, formerly Creative Science Properties, is a REIT focused on developing state-of-the-art life science projects in top innovation hubs. It has properties in San Francisco, San Diego and Boston in the U.S., and the Golden Triangle in the United Kingdom. It has offices in San Diego and Boston.

The company said it thrives on "creating and developing environments that inspire progress and give innovation a home to grow," according to its website.

The South City Station acquisition follows IQHQ's completion of a $770 million capital raise to support its investment strategy.