Sterling Bay is banking on the rise of the life sciences industry to help anchor its Lincoln Yards megaproject.
The Chicago-based developer announced that it would build an eight-story, 320,000-square-foot life sciences research center within the massive project, according to Crain’s.
News of the facility comes on the heels of three substantial life sciences leases the developer has signed in recent months at 2430 N. Halstead. Molecular engineering tech company Evozyne recently inked a deal for 30,000 square feet, and Vanqua Bio and Exicure have also signed on at the property, which used to be home to the Stanley Manne Children’s Research Institute. Sterling Bay has now leased 50 percent of North Halstead property, according to Crain’s.
A spokesperson for Sterling Bay told the outlet that financing for the research center, which would be built along the southern edge of the development, has not been determined. Sterling Bay expects to break ground in early 2021.
Sterling Bay’s move follows Trammell Crow’s construction of a 400,000-square-foot life sciences lab in Fulton Market, called Fulton Labs.
As Crain’s noted, real estate firms haven’t fully embraced life sciences labs because of the building costs and the difficulty in repurposing the facilities should the tenants leave.