San Diego – October 5, 2020 – Cooley advised Manchester Financial Group on its sale of five blocks of Manchester Pacific Gateway, a future waterfront development site in downtown San Diego, to premier life sciences real estate development company IQHQ. Cooley partner Michael Levinson led the team advising Manchester Financial on the transaction.
The transaction paves the way for what IQHQ, which was started by life sciences builder Alan Gold, is calling the San Diego Research and Development District, or RaDD, a massive lab-filled campus where ground-floor retail and unrivaled bay views will recruit the biggest names in the pharmaceutical industry. Manchester Financial Group will retain two of the site's eight blocks for a hotel and a 1.9-acre plaza. The company is also nearing completion of its development of a state-of-the-art Class A office building on the final block, which will serve as the San Diego headquarters of the US Navy.
“This incredible development will be the catalyst for biotech to relocate to downtown San Diego and will be the driving force for life sciences growth and expansion,” Doug Manchester, chairman of Manchester Financial Group, said in a statement to the San Diego Union-Tribune. “With the entrepreneurism and leadership of IQHQ and Alan Gold, San Diego will be one of the largest biotech clusters in the world.”
IQHQ plans to begin construction on site infrastructure immediately, with the goal of completing the first phase of the district by the summer of 2023. The overall project includes a series of mid-rise structures and one 17-story tower, as well as a museum and three acres of green space and rooftop decks.
Founded in 1970, San Diego-headquartered Manchester Financial Group is an integral part of San Diego's economic landscape, developing important business properties, including the Manchester Grand Hyatt San Diego, the San Diego Marriott Marquis & Marina and downtown San Diego's First National Bank building. The company specializes in and focuses on hotel and commercial property development. Manchester Financial Group and its subsidiaries have been instrumental in developing downtown San Diego's waterfront, paving the way for San Diego's burgeoning convention industry, while also founding two banks and establishing an extensive and diverse investment portfolio.
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