Trammell Crow Company and Beacon Capital Partners announced that construction has topped out at Hyde Park Labs in Chicago.
The South Side’s first commercial, purpose-built advanced R&D lab, Hyde Park Labs is in the diverse and vibrant neighborhood of Hyde Park, located at 5207 Harper Court. The building is expected to welcome its first tenants in early 2025, after the delivery of the base building in Q4 2024. The University of Chicago has already pre-leased approximately 55,000 square feet at the building, which will house a half-floor incubator space to support early-stage science research.
Rising 13 stories above grade and spanning more than 300,000 square feet, Hyde Park Labs will feature nine full floors of Class A lab and office space, as well as activated ground-level retail and lobby; parking will be available on one level of below-grade and three floors of above-grade space.
The facility will include 40,000 square feet of tenant amenities, including a fifth-floor terrace dubbed “The Lawn” that will feature grills, firepits, views of Lake Michigan and connection to the interior tenant lounge. The building will also offer private terraces on every floor, secure on-site bike storage, an indoor bar and lounge, an executive boardroom, as well as a STEM engagement center for students on the ground floor.
Hyde Park Labs is the second phase of development at Harper Court, which currently includes a hotel, an office building that houses UChicago administrative offices, and retail space. The TCC/Beacon development plan and design was crafted to create an innovative R&D and science hub with direct community benefits.
As the City of Chicago aims to strengthen its position as a technology and advanced sciences hub, the project will contribute lab space and infrastructure needed to support that ecosystem, including nine floors of lab-enabled space and heavy infrastructure for lab or technology uses. The project will feature a range of spaces to meet the needs of startups, interim-stage companies, and larger corporations, including shared wet or dry lab and office space. The building will also include new levels of parking, ground-floor retail and community space, and outdoor green space, as well as a full-time community engagement specialist to lead programming.
Dan Lyne and Brandon Green of CBRE are the exclusive marketing and leasing agents for the project. Additional partners include Elkus Manfredi Architects, Interactive Design Architects, Power Construction, Ujamaa, and Trinal, who is acting as the development’s diversity and inclusion consulting company.
