REDWOOD CITY, CALIF. — The Chan Zuckerberg Initiative (CZI), one of the largest philanthropies supporting biomedical research and AI-driven science, has signed a 225,000-square-foot life sciences lease in Silicon Valley. The company will fully occupy one of four buildings at IQHQ Inc.’s Elco Yards mixed-use development underway in Redwood City, roughly 25 miles south of San Francisco.
Situated along the Caltrain corridor on the San Francisco Peninsula, Elco Yards is a 670,000-square-foot mixed-use development that comprises four buildings offering lab, office and retail space. The project, which began construction in 2021, will deliver additional phases between mid-2025 and 2026.
CZI is expected to officially occupy its newly leased space in 2027. The deal brings Elco Yards to 30 percent preleased, according to IQHQ.
Founded by Dr. Priscilla Chan and Facebook founder Mark Zuckerberg in 2015, CZI’s purpose is to eradicate disease, improve education and address the needs of local communities, while building a more “inclusive, just and healthy future for everyone,” according to the company’s mission statement.
“We are excited to continue to grow our roots in Redwood City with this new space for our biomedical research efforts,” says Marc Malandro, chief operating officer of CZI and the CZ Biohub Network.
CZI’s expansion to Elco Yards will further emphasize its presence in Redwood City, where the new space will allow CZI’s team of scientists and engineers to solve scientific challenges to “cure, prevent and manage all diseases by the end of the century.”
“Redwood City is CZI’s longstanding home, and we’re proud to continue investing in this vibrant community while driving collaboration and innovation in the heart of the Bay Area,” says Malandro.
The Bay Area, which leads global advancements in scientific research, is considered the “birthplace of biotechnology,” and houses over 3,600 life sciences establishments.
IQHQ is a private REIT that acquires, develops and operate life sciences districts in the U.S. innovation hubs of San Francisco, San Diego and Boston, as well as the UK. The company recently announced it raised $900 million of new capital in 2024 alone.
— Abby Cox