Giant Life Sciences Facility Coming To Fulton Market
Trammell Crow filed a zoning application last year to build a 405K SF tower at 400 North Aberdeen St. in the Fulton Market neighborhood, and company officials now say it will become one of the hubs for Chicago’s growing life sciences industry.
The Dallas-based developer, which already has a 315K SF tower underway nearby at 1375 West Fulton Market, plans to start construction on Aberdeen by spring and finish up by the end of 2021. CBRE, its parent company, will market the property, dubbed Fulton Labs.
Other top developers in town, such as Sterling Bay, Related Midwest and Farpoint Development, have said they will also create healthcare-related clusters at, respectively, Lincoln Yards, The 78 and the former Michael Reese Hospital site on the South Side. Experts say it is an effort to compete with other top research cities, such as Boston and San Francisco, by attracting life sciences professionals to vibrant 24/7 environments near the Central Business District, and away from bland suburban research parks.
“By building a best-in-class, collaborative life sciences environment in one of the world’s most sought-after neighborhoods, we’re offering companies of all sizes and from all environments the opportunity to drive innovation and accelerate commercialization,” CBRE Senior Vice President Dan Lyne said.
Trammell Crow will reserve a full floor in Fulton Labs for a shared lab that will help startups secure needed space, and connect with more experienced partners and venture capitalists, officials said.