Sterling Bay Launches Life Sciences Initiative in Lincoln Park
Prysm Life Sciences will be housed at 2430 North Halstead St., a medical research building that offers more than 120,000 square feet of laboratory and office space on five floors.
CHICAGO—Commercial developer Sterling Bay, which is moving forward with its massive $6-billion Lincoln Yards development here, has launched a new life sciences initiative called Prysm Life Sciences, which it hopes will serve as a catalyst for a sustainable and scalable life science community in the Lincoln Park section of the city.
Prysm Life Sciences will be housed at 2430 North Halsted St., a medical research building that offers more than 120,000 square feet of laboratory and office space on five floors. The space, which also includes flexible shared wet lab and work space, lab pods and private suites, is catered to serve biopharma, medtech, diagnostics and life science tool companies in the near term.
Also part of the Prysm Life Sciences initiative will be a 20,000-square-foot incubator at 2420 North Halsted that will be available for up to 30 companies.
Member companies of Prysm Life Sciences will be offered a full-service startup platform that Sterling Bay says is “designed to dramatically accelerate the growth of early-stage life science companies, including programming, shared equipment and services and expanded networking opportunities.”
“Our vision is to establish multiple synergistic life science lab centers that align resources between academia, industry, civic accelerators, patient foundations and contract research services to efficiently develop new health care products and solutions,” says Andrew Gloor, managing principal and CEO of Sterling Bay. “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.”
Gloor adds that Sterling Bay hopes to fill this gap and help life science start-up companies get established in Chicago and stay in the city long-term by providing the infrastructure and space through Prysm Life Sciences.
“If we really want to be a life science center, then we need to build and maintain it,” Gloor notes.
Another key component of the Prysm Life Sciences program will be offering access to capital through a structured network of strategic investors that will provide the 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, Sterling Bay officials note.
The developer says that its 50-acre Lincoln Yards development will 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. In addition to research facilities, the Lincoln Yards Development will also include residential, retail, and office space.
Last month, the Chicago City Council approved approximately $1 billion in public subsidies in the form of a TIF (tax incremental financing) for Sterling Bay’s Lincoln Yards development.
“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,” says 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 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.
Last October, Sterling Bay completed the purchase of the Stanley Manne Children’s Research Institute located at 2430 N. Halsted St. from Ann & Robert H. Lurie Children’s Hospital of Chicago.
Sterling Bay was selected among numerous buyers following a competitive bidding process. The hospital is leasing the facility from Sterling Bay until the hospital’s research operations are fully consolidated at the Simpson Querry Biomedical Research Center in Streeterville, which at at the time of purchase was slated to be complete by the summer of this year.