CBRE has been retained as the leasing agent by General Capital for a potential 500,000-square-foot build-to-suit development in the Illinois Medical District (IMD) opportunity zone at 1240 South Wood Street in Chicago.
This project is designed to provide ultimate flexibility to future users. The site has the ability to be constructed for a single tenant at 500,000 square feet, or can be phased to accommodate multiple users. Onsite structured parking will add another competitive advantage for tenants.
General Capital, which recently developed over 600,000 square feet of life sciences space for Illumina and Exact Sciences, signed a long-term ground lease for the opportunity zone land. To capitalize on the area’s medical and health services synergies, the Wisconsin-based developer is planning a modern facility that can accommodate a wide range of medical, life sciences, educational, or health-tech users to meet the growing demand within the Illinois Medical District.
CBRE’s Mike Nardini, Allison Olszta, and Nicole Mentone have been retained as the leasing agents.
This ground lease is the first to be signed in the IMD opportunity zone and one of the first projects to be marketed. The land is located on the Wood Street Medical Mile, the second largest urban medical district in the United States and the most concentrated medical and education mile in the Midwest. Major medical facilities in the district include the University of Illinois Hospital & Health Science System, John H. Stroger, Jr. Hospital of Cook County, Jesse Brown VA Medical Center, and Rush University Medical Center. The Wood Street Medical Mile is also adjacent to the University of Illinois Campus.
