"Developer IQHQ made one of the hot real estate bets of the pandemic era when it acquired the triangular-shaped office building in Redwood City, California, for $164 million in late 2021. The San Diego-based landlord planned to raze the property at 10 Twin Dolphin Drive and erect a trio of lab buildings on the 15-acre site catering to the life sciences sector."
"The offering is the latest sign of retreat in a once-soaring segment of the real estate market, as life sciences properties across the country face record vacancy rates and tenants in the sector struggle with funding challenges that could drag on for years. "We routinely evaluate our portfolio for opportunities to recycle capital by selling land assets that may not be strategic to IQHQ at this point in time," an IQHQ spokeswoman said in a statement."
IQHQ bought the triangular-shaped office building in Redwood City for $164 million in late 2021 and planned three lab buildings on the 15-acre site. The firm has put the property up for sale as life-sciences real estate faces rising vacancy rates and funding pressures. Federal research funding has pulled back, with the National Institutes of Health running roughly $5 billion behind on grant awards this year compared to 2024. Venture capital has also declined, with life-sciences companies raising $24.9 billion through September and 2025 on pace for the weakest haul since before the pandemic. Public shares of large life-sciences landlords have fallen sharply.
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