Trammell Crow Company (TCC), one of the largest commercial real estate developers in the United States, today announced that Vanqua Bio, a biopharmaceutical company dedicated to discovering and developing next-generation medicines that have the potential to transform the lives of patients with neurodegenerative diseases, has signed as the newest tenant at its Fulton Labs at 1375 W. Fulton development. Vanqua Bio, which recently closed an $85 million Series B financing, joins Fulton Lab’s notable life science tenant roster, which includes Xeris Pharmaceuticals, Portal Innovations, and Talis Biomedical.
“Chicago is at the heart of advancements in world-class science. And we’re building an ecosystem to meet that innovation with the resources life science companies need to grow and scale in Chicago. Companies like Vanqua Bio are important to our success in building this important sector and supporting groundbreaking research,” said Mayor Lori E. Lightfoot, City of Chicago.
Fueled by high-profile investor backing and a quickly growing team of scientific and biopharmaceutical industry experts, Vanqua Bio will leverage the significantly larger laboratory and office space at Fulton Labs to accelerate its innovative therapeutic programs. Its new state-of-the-art headquarters will provide advanced R&D laboratory space and infrastructure as well as unmatched building technology and amenities. The move from Vanqua Bio’s Lincoln Park location to Fulton Labs is planned for the first half of 2022.
“Every day, the lives of thousands of people are changed forever following a diagnosis of Parkinson’s disease, Gaucher disease, Alzheimer’s disease, or amyotrophic lateral sclerosis. Vanqua Bio is helping usher in a new era of hope for those impacted by neurodegenerative diseases. There is an urgent need for effective therapies,” said Jim Sullivan, PhD, Co-founder and Chief Executive Officer of Vanqua Bio. “Expanding our operations into Fulton Labs’ world-class facilities will better enable us to advance our mission of developing effective therapies that slow or stop the progression of these devastating conditions.”
Fulton Labs at 1375 W. Fulton is part of TCC’s 725,000-square-foot Fulton Labs campus comprised of the fully operational 300,000-square-foot building at 1375 W. Fulton and a 425,000-square-foot building nearby at 400 N. Aberdeen, which will begin welcoming tenants in Q1 2022.
“Chicago is quickly accelerating its pace to become a leading hub for innovative life sciences companies to collaborate and grow, and companies know Chicago can successfully compete with any other city in the country in providing an ideal setting for them to thrive,” said Johnny Carlson, Principal at TCC. “We successfully built a campus that could meet the infrastructure and innovation needs of life sciences companies like Vanqua Bio. The ecosystem we are creating at Fulton Labs with partners like Portal Innovations gives companies and their investors the confidence to achieve their visions right here in Chicago.”
“Vanqua Bio’s impressive growth demonstrates the rapid scaling that occurs when breakthrough science is advanced toward the clinic by a well-financed, world-class team,” said John Flavin, Founder and CEO of Portal Innovations. “Vanqua is a perfect example of the quality and torrid pace of life sciences innovation emerging from the Chicago region. Surrounded by an increasingly sophisticated ecosystem of academic institutions, talent, capital and scalable lab infrastructure, biotech companies like Vanqua are now well positioned to start, grow and scale in the region.”
Chicago is an extremely attractive setting for life science and biotech companies seeking to plant roots in a location conducive to growth. Advantages include a convergence of leading research universities that attract the brightest talent; an accessible, central U.S. location with abundant transportation; the commitment of private organizations and state and local government to invest in life sciences initiatives; and an affordability not seen on the coasts.
A June 2021 CBRE market trend report indicated that nearly one million square feet of Class A lab space has been delivered or is under construction in Chicago since 2020, primarily due to the Fulton Lab construction, and that has attracted the relocation of coastal R&D operations for talent and cost advantages. In addition, CBRE reports that Chicago has had the largest increase in life science venture capital funding of any major U.S. market over the past three years.