Sterling Bay secures first lease at life sciences R&D property

Sterling Bay’s life sciences development, The Labs, a catalyst for a sustainable and scalable life science community in Chicago, has landed its first tenant. Biotech firm Exicure, Inc., based in Skokie, Illinois, has committed to approximately 30,000 square feet in the building, located at 2430 N. Halsted Street in Lincoln Park.

Exicure is currently headquartered in the Illinois Science + Technology Park with an additional location in Cambridge, Massachusetts, but will move its research and headquarters operation into The Labs at 2430 N. Halsted. The company plans to hire at least 20 employees in the new space by the end of the year, in addition to the 40 now based in Skokie. Exicure, which spun out of Northwestern University in 2012, is a clinical-stage biotechnology company developing therapeutics for immuno-oncology, inflammatory diseases and genetic disorders.

“Exicure’s expansion in Lincoln Park is just the beginning of Sterling Bay’s investment in redeveloping high-quality lab space in one of Chicago’s most conveniently located downtown neighborhoods,” said Andy Gloor, CEO at Sterling Bay. “As we continue to acquire and develop best-in-class research facilities, including those to come at Lincoln Yards, we will serve the life science sector growing in Chicago, further cementing the city’s reputation as a hub for cutting edge biomedical innovation.”

For many life science startups that begin in the labs of Chicago’s most prestigious biomedical research universities, the availability of high-quality, affordable wet lab space is a welcome development that will be embraced by the technology commercialization community.

“Chicago has a deep talent pool and access to world-class universities. Exicure has been partnering with pharmaceutical companies to bring our genetic medicines into clinical trials, and we are thrilled to have incredible facilities to match our growth. With our expansion, we can continue as part of the vibrant Chicago biotech community”, said Exicure CEO, Dr. David Giljohann.

Sterling Bay acquired the five-story property in 2018 from Lurie Children’s Hospital for more than $20 million. The developer has repositioned the building as a medical research facility featuring more than 120,000 square feet of laboratory and office space, which includes flexible shared wet lab and work space, lab pods and private suites. The Labs offers facilities geared toward biopharma, medtech, diagnostics and life science tool companies.