The Chan Zuckerberg Initiative has confirmed it is expanding its Redwood City presence, signing on to 225,000-square feet in IQHQ’s Elco Yards district. The deal was rumored earlier this month, but a press release from the Boston-based life science developer confirmed the deal on Wednesday.
The philanthropic organization, founded by Facebook CEO Mark Zuckerberg and his pediatrician wife Priscilla Chan in 2015, will take one of the four buildings in the mixed-use development for “groundbreaking biomedical research and AI-driven science” after it is completed in 2027, according to the release. The news comes as VC funding for life science has been moving to AI companies and life science developers, bullish on lab space during the pandemic, are left with lots of empty square footage.
CZI’s headquarters and recently launched free meeting and event Community Space are both in Redwood City and the Elco Yards building marks a further expansion in the Peninsula city, according to the release.
Elco Yards began construction in 2021 and will have a mix of lab, office, and retail space, delivered in phases between mid-2025 and 2026. The 670,000-square-foot development is more than 30 percent pre-leased and Matthew Griffin, senior VP of West Coast leasing at IQHQ said in a statement that the “long-term partnership with CZI” “solidifies Elco Yards as a leading innovation hub in Redwood City.”
The company declined to comment on the length of the lease with CZI or other lease terms.
Tracy Murphy, co-CEO and co-founder of IQHQ, said in a statement that the life science and mixed use developer is “uniquely positioned to support CZI’s critical, groundbreaking work that pushes the boundaries of scientific research and fosters the innovation of life-changing advancements in health and disease management.”
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Most of IQHQ’s properties are still in the development or planning stages, according to the company’s website. In addition to Elco Yards, IQHQ is currently developing 2.6 million square feet of office and lab space in its Spur District in South San Francisco, and has future plans to create 655,000 square feet at Arbor, also in Redwood City.
It also has several life science developments around the Boston area, including one with 340,000 square feet that has been delivered in Andover, about 25 miles outside the city. It also completed RaDD on the San Diego waterfront, which has over 1.6 million square feet on more than five acres. There’s also 870,000 square feet of life science planned near UC-San Diego, as well as a planned science park in Cambridge, England.