IQHQ has acquired Elco Yards, a fully entitled and shovel-ready office and life science development site in Downtown Redwood City. The plans allow for four buildings totaling 600,000 square feet and two residential buildings with 540 units, 147 of which will be reserved for affordable housing. The project is the first of its kind in the market. The purchase price was not disclosed.

The development site is walking distance to transit stations, which will connect the property to San Francisco and San Jose. The project will meet IQHQ's strategy to develop sustainable and transformational projects, and as such, all of the buildings will be built to LEED Gold standards. The project will also dedicate an acre for public outdoor space and a new landscaped pedestrian and bike path along Redwood Creek for tenants, employees and the surrounding community.

The project is located in the Caltrain corridor, which is already home to a life science cluster. As a result, it is a vibrant community with amenities, parks and entertainment.