Trammell Crow Company added another major tenant at one of its life science facilities in Fulton Market, further demonstrating Chicago’s emergence as a biomedical research and innovation hub.
The Illinois Institute of Technology has signed a 34,000-square-foot lease, spanning an entire floor in the Fulton Labs building at 400 North Aberdeen Street, Crain’s reported. The school will begin occupying the space when the 423,000-square-foot facility opens next fall.
Dan Lyne of CBRE represented Trammell Crow in the leasing deal, while JLL’s Max Zwolan and Scott Brandwein represented Illinois Tech.
While some commercial real estate sectors are struggling mightily in Chicago, the city’s life sciences scene is booming. The Chan Zuckerberg Biohub, led by Facebook founder Mark Zuckerburg and his wife Dr. Priscilla Chan, made a 28,000-square-foot commitment to the Fulton Labs building in July, with plans to invest $250 million to attract top-tier scientists and solve major health challenges.
Trammell Crow is also developing a 300,000-square-foot lab building at 1375 West Fulton Street, where drug maker Xeris Biopharma Holdings has signed a 13-year, 87,000-square-foot lease. Plus the firm, along with Beacon Capital Partners are building Hyde Park Labs, a 300,000-square-foot facility near the intersection of 52nd Street and Harper Avenue.
Along with its main campus in Bronzeville, Illinois Tech will use the Fulton Labs building to house faculty, researchers and students. The university has expertise in biomedical and biological engineering, making it a valuable addition to the life sciences ecosystem in Fulton Market.
Read more
Commercial
Chicago
Chan Zuckerberg Biohub doubles down in Fulton Market
Development
Chicago
Mark Zuckerberg and Wife Priscilla Chan shower Chicago with $250M biohub promise
Development
Chicago
Trammell Crow, Beacon Capital break ground on $225M Hyde Park Labs