AdvanCell has committed to a full-building lease at IQHQ, Inc.’s Innovation Park life science and advanced manufacturing campus in Andover, MA. The clinical-stage radiopharmaceutical company signed a long-term agreement for 128,000 square feet at 1 Corporate Drive, taking the entire building. The lease is characterized as one of the largest life science transactions completed this year in the Greater Boston area.
The deal marks a significant milestone for Innovation Park’s expansion, as it brings the newly constructed Phase 2 of the campus to fully leased status. With AdvanCell occupying the entirety of 1 Corporate Drive, the second phase of the project has reached 100% occupancy, underscoring ongoing tenant demand for specialized life science and advanced manufacturing space in the region.
IQHQ’s chief investment officer, TJ Silvey, noted that the firm is pleased to welcome AdvanCell to the campus and emphasized the long-term nature of the relationship. Silvey highlighted the experience of AdvanCell’s leadership team in radioligand therapy and its history of building commercial-scale companies that bring approved therapies to patients. The comment framed the lease as a strategic fit with IQHQ’s stated mission of supporting companies working to advance scientific innovation.
AdvanCell focuses on developing targeted alpha therapies for cancer patients, operating as a clinical-stage radiopharmaceutical company. By locating its operations at Innovation Park, the firm is positioning itself within a purpose-built life science environment designed to accommodate research, development, and commercial-scale activities. The lease at 1 Corporate Drive gives AdvanCell a large footprint within a Greater Boston life science cluster known for attracting companies involved in advanced therapeutics and biotechnology.
The full-building lease also reflects the activation of newly delivered space at Innovation Park. With Phase 2 now fully spoken for, the campus has demonstrated the ability to place new inventory with a single large clinical-stage tenant. For the life science and advanced manufacturing segment in Greater Boston, the transaction illustrates ongoing user appetite for modern space that can support specialized technical and regulatory requirements associated with radiopharmaceutical development.
While financial terms of the lease were not disclosed, the transaction underscores the role of well-capitalized, mission-specific campuses in capturing large-format requirements from growth-oriented life science tenants. For landlords focused on similar asset types, the lease at Innovation Park provides a reference point for how new development can be absorbed when aligned with sector-specific demand in established research markets.
