Plymouth Meeting-based CenterSquare Investment Management has made a $158 million investment in a San Diego company that develops life sciences real estate, writes Natalie Kostelni for the Philadelphia Business Journal.
The real estate manager invested the funds in IQHQ as part of the real estate company’s $1.7 billion second round of funding.
CenterSquare’s investment further emphasizes the shift in the focus of many real estate companies towards office and lab space that is occupied by life sciences companies.
IQHQ, formerly known as Creative Science Properties, was established at the start of the year as a private real estate investment trust. The company’s executive chairman is Alan Gold, a veteran of the life sciences real estate industry.
The real estate company had an initial funding round of $700 million, which IQHQ used to purchase development sites and properties in Boston, San Francisco, and San Diego. It has also started construction on 4.4 million square feet of new development in those markets.
One of the acquired sites is located along San Diego’s waterfront and has been named the San Diego Research and Development District.
Read more about CenterSquare Investment Management at the Philadelphia Business Journal by clicking here.