Sterling Bay continues its acquisition of Chicago properties with the announcement that it has purchased the Stanley Manne Children’s Research Institute located at 2430 N. Halsted Street from Ann & Robert H. Lurie Children’s Hospital of Chicago. The deal’s terms were not disclosed.
The Chicago-based developer was selected among numerous buyers following a competitive bidding process. The hospital will lease the 119,415-square-foot facility from Sterling Bay until their research operations are fully consolidated at the Simpson Querry Biomedical Research Center in Streeterville next summer.
“For decades, Chicago has been nationally recognized as a hub for transforming medical research and innovation thanks to its world-class facilities like Manne Research Institute,” said Andy Gloor, managing principal of Sterling Bay. “We look forward to continuing to build on the city’s reputation for achieving groundbreaking scientific discovery by providing the life science community with revitalized, state-of-the-art urban laboratory facilities on the North Side.”
Originally built in 1995, the research center was expanded in 2003 in response to an increasing demand for urban research and development space, which has continued to grow in recent years. Sterling Bay’s planned renovations aim to deliver rarely available modern research space of this caliber and location to tenants in the medical research field.
Sterling Bay has been very active in the past year with diverse, high-profile acquisitions, including 600 West Chicago Avenue—home to the Groupon headquarters—which they purchased from Equity Commonwealth for $510 million as well as the two-tower Prudential Plaza acquired from 601W Companies for $680 million. Most recently they paid $300 million for Hearn’s stake in 875 North Michigan Avenue, formerly known as the John Hancock Center. They are also developing Lincoln Yards, an ambitious, $5 billion, mixed-use project that would create a new neighborhood on 70 acres along the North Branch of the Chicago River.
