Commercial Real Estate Developer Sterling Bay Creates Prysm Life Sciences to Expand and Transform the Life Science Community in Chicago
CHICAGO--(BUSINESS WIRE)--May 16, 2019--
Sterling Bay, one of Chicago’s largest real estate development and investment firms, announced plans today to create Prysm Life Sciences, a catalyst for a sustainable and scalable life science community in Chicago. Citing its transformation of the West Loop and Fulton Market District into commercial centers, the firm will employ the same multi-faceted approach to help retain talent and innovative life science technology here in Chicago, as well as recruit major life science and healthcare institutions to its campuses.
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The 2430 North Halsted property in Lincoln Park is a medical research facility with more than 120,000 square feet of laboratory and office space across five floors, which includes flexible shared wet lab and work space, lab pods and private suites. The space will be available to serve biopharma, medtech, diagnostics and life science tool companies near-term. (Photo: Business Wire)
“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. 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,” said Andrew Gloor, managing principal and chief executive officer, Sterling Bay. “We want to help fill this gap and help more life science start-up companies come to Chicago and stay here long-term by providing the infrastructure and space through the creation of Prysm Life Sciences. If we really want to be a life science center, then we need to build and maintain it.”
With this announcement, the future life science vision includes:
- Providing Immediate Facilities for the Life Sciences Community – The 2430 North Halsted property is a medical research facility with more than 120,000 square feet of laboratory and office space across five floors, which includes flexible shared wet lab and work space, lab pods and private suites. The space will serve biopharma, medtech, diagnostics and life science tool companies in the near term.
- Elevating the Life Science Incubator – Member companies of Prysm Life Sciences can expect a full-service startup platform designed to dramatically accelerate the growth of early-stage life science companies, including programming, shared equipment and services and expanded networking opportunities. This 20,000 square feet incubator is available for up to 30 companies. The goal is to create a differentiated and branded incubator model focused on enabling a more collaborative community beyond Chicago.
- Enhancing Investment - Beyond infrastructure, the Prysm Life Sciences offering will include access to capital through a structured network of strategic investors to provide all 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.
- Looking Beyond Today - The 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 facilities.
“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,” said 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’s approach has a lot of promise in that it will include the scalable lab space, funding and programs needed to retain and attract companies. We as a community need to come together and support the vision of Sterling Bay and all the other developers that are investing in our future.”
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. The property is unique in that it is strategically located in the vibrant Lincoln Park community with multi-modal transportation options. It is available for immediate occupancy.
“We look forward to being part of the expanded Sterling Bay Life Sciences team,” said David Saad, executive vice president, CBRE. “This project will play an immediate and important role in the successful expansion of Chicago’s life sciences community.”
About Sterling Bay
Sterling Bay is a leading investment and development company with expertise spanning all aspects of real estate ownership. Known for creating world-class urban campuses for companies such as Google, McDonald’s, Uber, Glassdoor, Dyson, Hillshire Brands and Gogo, Sterling Bay is consistently recognized for award-winning projects that transform space, enhance communities and strengthen a company’s culture and brand. Sterling Bay’s team of more than 200 professionals is responsible for a portfolio exceeding $3 billion and a development pipeline in excess of $8.7 billion. For more information, visit www.sterlingbay.com.
About Prysm Life Sciences
Interested life science companies and innovators who are interested in working with us to drive more innovative solutions for healthcare to Illinois, can visit www.prysmlifesciences.com for more information.
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CONTACT: CG Life
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: HEALTH OTHER SCIENCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE SCIENCE GENERAL HEALTH
SOURCE: Sterling Bay
Copyright Business Wire 2019.
PUB: 05/16/2019 10:48 AM/DISC: 05/16/2019 10:48 AM