Sterling Bay plans to create Prysm Life Sciences, a catalyst for a sustainable and scalable life science community in Chicago. The firm will employ a multi-faceted approach to help retain talent and innovative life science technology in Chicago, as well as recruit major life science and healthcare institutions to its campuses.
“While Chicago already has a great reputation in healthcare and innovation—housing many world-class hospitals and global pharmaceutical companies—there is still a critical shortage of actual lab space here,” said Andrew Gloor, managing principal and chief executive officer, Sterling Bay. “We want to help fill this gap and help more life science start-up companies come to Chicago and stay here long-term by providing the infrastructure and space through the creation of Prysm Life Sciences. If we really want to be a life science center, then we need to build and maintain it.”
Located at 2430 N. Halsted Street in Lincoln Park, the medical research facility will feature more than 120,000 square feet of laboratory and office space across five floors, which includes flexible shared wet lab and work space, lab pods and private suites. The space will provide immediate facilities for biopharma, medtech, diagnostics and life science tool companies.
Member companies of Prysm Life Sciences can expect a full-service startup platform designed to dramatically accelerate the growth of early-stage life science companies, including programming, shared equipment and services and expanded networking opportunities. Aiming to create a differentiated and branded incubator model focused on enabling a more collaborative community beyond Chicago, this 20,000-square-foot incubator is available for up to 30 companies.
The Prysm Life Sciences project will also offer access to capital through a structured network of strategic investors to provide all resources needed to better retain talent and innovative companies in Illinois. Prysm Life Sciences is currently invested in one diagnostic company, Prescient Medicine, and is in the process of evaluating several other organizations.
“Fueled by an influx of investment, the increase of startup activity in the Illinois life sciences ecosystem is leading to a lack of space and infrastructure to sustain the community’s growth,” said John Conrad, president and CEO of the Illinois Biotechnology and Innovation Organization. “We have all the necessary elements right here in Chicago to be a world-class leader in life science innovation and commercialization. Sterling Bay’s approach has a lot of promise in that it will include the scalable lab space, funding and programs needed to retain and attract companies.”
Sterling Bay has partnered with CBRE in the leasing of Prysm Life Sciences. Renovation of the building on 2430 N. Halsted has begun, and established companies are actively being recruited to occupy the space. The property, which is available for immediate occupancy, is unique in that it is strategically located in the vibrant Lincoln Park community with multi-modal transportation options.
“We look forward to being part of the expanded Sterling Bay Life Sciences team,” said David Saad, executive vice president, CBRE. “This project will play an immediate and important role in the successful expansion of Chicago’s life sciences community.”
Sterling Bay has made a name for itself developing properties in the West Loop and Fulton Market. Their ambitious, 50-acre Lincoln Yards development—which recently received TIF financing from the city of Chicago—will comprise residential, retail, and office facilities in a new, live-work-play community. It will also include several early-stage and graduate research facilities to properly serve the immediate and growing needs of small, midsize and large institutions within commercial and academia markets.