Sterling Bay has entered into a joint venture partnership with Harrison Street at 2430 N Halsted, Sterling Bay’s recently redeveloped medical research lab located in Chicago’s Lincoln Park. The 125,000-square-foot medical research facility was redeveloped and brought to market by Sterling Bay in 2019.
Featuring flexible lab spaces, access to high-quality research equipment, shared workplace amenities and modern conference areas, 2430 N Halsted offers life sciences tenants a state-of-the-art lab experience in an unbeatable downtown location. The five-story property is currently over 50 percent leased to Exicure, Evozyne and Vanqua Bio, three emerging biotech companies with roots in Chicago.
“While Chicago is home to many industry-leading biopharmaceutical institutions and global research universities with a deep pool of talent, the downtown area is lacking the facilities needed for life sciences companies to expand and thrive,” said Christopher Merrill, co-founder, chairman and CEO of Harrison Street. “Sterling Bay is changing the life sciences landscape in Chicago by repositioning 2430 N Halsted into a high-quality facility that can compete with the likes of Boston, Cambridge and San Francisco. We are excited to partner with them on this project and others across the city, including at Lincoln Yards, to support our hometown of Chicago’s burgeoning life sciences sector.”
“Our work at 2430 N Halsted serves as proof that Chicago can foster and retain top-tier life sciences companies, as long as we invest in the resources they need to succeed,” said Andy Gloor, CEO of Sterling Bay. “Together with our partners at Harrison Street, J.P. Morgan Asset Management and Lone Star Funds, Sterling Bay will develop state-of-the-art lab spaces at Lincoln Yards that will enable Chicago to compete for business in this critical and booming sector.”
Harrison Street has invested over $8 billion within the life sciences and medical office space across 20 million square feet in North America and the UK. Sterling Bay and Harrison Street plan to continue working together to strengthen Chicago’s growing reputation as a world-class city for life sciences innovation, including future development at Lincoln Yards, Sterling Bay’s 55-acre mixed-use development situated along the Chicago River just minutes from several of the City’s most notable downtown universities.