Chicago-based developer, Sterling Bay, and its life sciences division, The Labs, secured a lease with Vanqua Bio at 2430 N. Halsted. The recently redeveloped, 125,000-square-foot medical research lab is located in the city’s Lincoln Park neighborhood. Vanqua Bio plans to move into its new space at the property in January 2021.
“Just last year, we launched The Labs by Sterling Bay, a first-in-market solution for developing much-needed, scalable lab space in Chicago’s metro area,” said Andy Gloor, CEO of Sterling Bay. “Today, with the signing of Vanqua Bio, a startup born right here in our hometown, we are once again validated in our belief that Chicago can fulfill its potential as the next world-class hub for medical innovation by simply investing in the resources necessary to retain and attract the most brilliant minds in biotech.”
CBRE executive vice president David Saad represented Sterling Bay in the transaction. With a focus on the research and development of novel therapies for neurological disorders, Vanqua Bio was started in 2019 based on research conducted by its co-founder, Dr. Dimitri Krainc, Ward Professor and Chairman of Davee Department of Neurology at Feinberg School of Medicine, Northwestern University.
“The company is focused on leveraging recent insights from human genetics to develop best-in-class therapeutics for devastating neurological disorders, and we are very pleased to develop these programs in Chicago,” Krainc said.
Vanqua Bio secured Series A funding from OrbiMed, a New York-based firm that invests across the global healthcare industry.
“As our company continues to grow, we need lab space that offers flexibility in a convenient location,” said Dr. James Sullivan, CEO and co-founder of Vanqua Bio and former vice president of research at Abbvie. “Chicago has outstanding scientific talent at many academic institutions, and we are delighted to be a part of a growing number of companies seeking to boost the city’s presence as a global leader in biotech innovation. The facilities at 2430 N. Halsted provide our team with access to the high-quality resources we need to transform the lives of patients all over the world, while continuing to work right here in Chicago.”
Featuring fully integrated wet lab space designed for both emerging and established life science companies, 2430 N. Halsted is Sterling Bay’s first foray into the life science sector. Earlier this year, Sterling Bay announced its first lease at the property with the signing of Exicure, Inc.
The company will continue to strategically acquire and develop best-in-class research facilities, including those to come at Lincoln Yards, Sterling Bay’s 55+ acre mixed-use development. Located along the North Branch of the Chicago River, Lincoln Yards will house an expansive medical innovation district ideal for attracting life science companies—particularly those currently located in Chicago’s north suburbs and downtown universities—seeking a more convenient, connected urban research environment.