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Biotech Builder IQHQ Paid $230M for Manchester Pacific Gateway Site | Aspen Xchange
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IQHQ, a biotech-focused real estate investment group, acquired the bulk of the development site known as Manchester Pacific Gateway for $230 million, according to public records. The purchase price, which was not disclosed at the time of the late September transaction, underscores the scope of the biotech office developer’s ambitions, which is to remake its new waterfront holdings into a $1.5 billion life science city known as the San Diego Research and Development District, or RaDD. IQHQ was started a year ago by esteemed life science builder Alan Gold, who founded BioMed Realty Trust and sold it to Blackstone Group in a transaction valued at $8 billion. The firm’s focus is on creating unrivaled life science centers in four markets: San Diego, San Francisco, Boston and the United Kingdom. The San Diego endeavor has been characterized as an industry-leading bet on major biotech businesses eventual interest in the downtown market.
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