IQHQ has come off a recent successful $770-million capital raise and acquired 109 Brookline in the Fenway section of Boston for $270 million.

The building was acquired form Commonwealth Equity Partners (NYSE: EQC). This REIT has been selling noncore properties for years now and accumulating cash to reinvest when the markets pull back.

Commonwealth and IQHQ

109 Brookline is a 285,000-square-foot office, medical and laboratory building that is 99% leased to Beth Israel Deaconess Medical Center, Dana-Farber Cancer Institute, and Boston Children’s Hospital. It also leases to Toast, a fast-growing technology startup firm.

IQHQ changed its name earlier this month from Creative Science Properties. It also completed a $700 million capital raise via a private placement and equity-specific equity investments. The name change and capital raise were part of the company’s representation of the company’s focus on identifying real estate opportunities and environments tailored to the needs of life science operators.

IQHQ intends to focus on life sciences projects in its core markets of Boston, San Francisco and San Diego in the United States, and the Golden Triangle in the United Kingdom.

John Bonanno, CIO of IQHQ commented on the deal.

“Boston’s amazing life sciences cluster keeps fueling demand for high-quality space,” Bonanno said. “109 Brookline checks a lot of boxes for us—it’s adjacent to Fenway Center, easily accessible by public transportation, and in a neighborhood with a history of full occupancy and a bright future. It fits in with IQHQ’s long-term plans to invest in projects that support the growth of the life sciences sector.”