CHICAGO–(BUSINESS WIRE)–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.
“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
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
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.