Joint Venture Receives $ 125 Million Loan to Build Chicago Life Sciences Project
CHICAGO – Sterling Bay, Harrison Street and institutional investors advised by JP Morgan Global Alternatives have secured a $ 125 million construction loan for ALLY, a life sciences project in Chicago. The OZK bank provided the financing. Construction is expected to begin this month.
Located at 1229 W Concord Place, ALLY will feature 280,000 square feet of Class A medical research laboratory and creative office space. The Life Sciences Project will take place at Lincoln Yards, a 53-acre mixed-use development created by Sterling Bay.
Lincoln Yards was once an industrial site being redeveloped into a mixed-use community with bespoke office developments, retail opportunities, a proposed 606 cycle path extension, and future residential and hotel opportunities. When complete, Lincoln Yards will include affordable housing, create more than 23,000 permanent jobs on site and generate $ 4.1 billion in economic output for the city of Chicago.
ALLY at 1229 W Concord Place is located off the North Branch Chicago River and has a private outdoor area on each floor. Mark Burkemper, senior managing director and head of North American transactions at Harrison Street, says the project brings many benefits.
“Lincoln Yards is close to several of Chicago’s most notable medical research institutes, and we are delighted to extend our partnership with Sterling Bay to provide high-quality Class A laboratory space that will support the growing science market. Chicago life, ”said Burkemper.
Chicago-based general contractor Power Construction is part of the development team and works to ensure the project meets the City of Chicago’s mandates for fair engagement of contractors. Global architectural firm Gensler will be the lead architect for the development.
“Chicago is an emerging market for biotechnology, supported by world-class academic institutions and a reputation for cutting-edge medical research, but the city’s current inventory of superior laboratory space prevents the industry from expanding. reach its highest potential here, ”said Andy Gloor, CEO of Sterling Bay.
JP Morgan Global Alternatives is the $ 191 billion alternative investment arm of JP Morgan Asset Management. Sterling Bay is a Chicago-based real estate investment and development firm. Harrison Street is a Chicago-based investment management firm.
In addition to ALLY, Sterling Bay and Harrison Street are venture capital partners in three other life sciences development and redevelopment projects, including a total of approximately 1.9 million square feet of corporate campuses in San Diego and Denver. All three projects are expected to start in 2022.
– Julia Sanders