CHICAGO – Sterling Bay, Harrison Street and institutional investors advised by JP Morgan Global Alternatives have received a $ 125 million home loan for ALLY, a life science project in Chicago. The financing was taken over by the bank OZK. Construction should start 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 science project will be located in Lincoln Yards, a 53 acre mixed-use project created by Sterling Bay.
Lincoln Yards was formerly an industrial site being converted into a mixed-use community with bespoke office developments, retail properties, a planned expansion of Cycle Route 606, and future residential and dining options. When completed, Lincoln Yards will provide affordable housing, create over 23,000 permanent local jobs and generate $ 4.1 billion in economic output for the city of Chicago.
The ALLY at 1229 W Concord Place is located on 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 there are many benefits to the project.
“Lincoln Yards is close to several of Chicago’s premier medical research facilities, and we are excited to expand our partnership with Sterling Bay to provide high quality Class A laboratory space that supports Chicago’s growing life science market,” said Burkemper.
Chicago-based general contractor Power Construction is part of the development team and is focused on ensuring the project meets the City of Chicago mandates for fair contractor engagement. The global architecture firm Gensler will act as the lead architect of the development.
“Chicago is an emerging biotechnology market that is backed by world-class academic institutions and has a reputation for advanced medical research, but the city’s current inventory of world-class laboratory space prevents the industry from reaching its maximum potential here,” said Andy Gloor. Sterling Bay CEO.
JP Morgan Global Alternatives is JP Morgan Asset Management’s $ 191 billion alternative investment arm. Sterling Bay is a Chicago-based real estate investment and development company. Harrison Street is a Chicago-based investment management firm.
In addition to ALLY, Sterling Bay and Harrison Street are venture partners on three other life sciences development and redevelopment projects, including approximately 1.9 million square feet of corporate premises in San Diego and Denver. All three projects are scheduled to break ground in 2022.
– Julia Sanders