{"id":1004702896,"date":"2024-02-20T03:50:20","date_gmt":"2024-02-20T11:50:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004702896"},"modified":"2024-02-20T06:59:22","modified_gmt":"2024-02-20T14:59:22","slug":"trammell-crow-jv-tops-out-chicago-life-science-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/trammell-crow-jv-tops-out-chicago-life-science-project\/","title":{"rendered":"Trammell Crow JV Tops Out Chicago Life Science Project"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a244fed7d6e9&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"541\" height=\"406\" data-attachment-id=\"1004702900\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/trammell-crow-jv-tops-out-chicago-life-science-project\/finishing-hyde-park-labs\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/finishing-hyde-park-labs.jpg\" data-orig-size=\"541,406\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"finishing-hyde-park-labs\" data-image-description=\"&lt;p&gt;Future development at 5207 Harper Court in Chicago.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Hyde Park Labs will come online at the end of the year. Image courtesy of Trammell Crow Co.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/finishing-hyde-park-labs.jpg?w=541\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/finishing-hyde-park-labs.jpg\" alt=\"Future development at 5207 Harper Court in Chicago.\" class=\"wp-image-1004702900\" style=\"width:350px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/finishing-hyde-park-labs.jpg 541w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/finishing-hyde-park-labs.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 541px) 100vw, 541px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Hyde Park Labs will come online at the end of the year. <em>Image courtesy of Trammell Crow Co.<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A joint venture between <strong>Trammell Crow Co.<\/strong> and <strong>Beacon Capital Partners<\/strong> has topped out Hyde Park Labs, a 302,388-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/life-science-market-to-bounce-back-jll\/\">life science development<\/a> in Chicago\u2019s South Side neighborhood. Base completion is scheduled for the fourth quarter of this year, with first tenants expected to move in by early 2025.<\/p>\n\n\n\n<p>The developer <a href=\"https:\/\/www.commercialsearch.com\/news\/trammell-crow-jv-advances-chicago-life-science-project\/\">started vertical construction<\/a> on the project last February. Earlier this month, <strong>CalSTRS<\/strong> provided a $136 million loan maturing in July 2025, public records show.<\/p>\n\n\n\n<p>Development partners include general contractors <strong>Power Construction<\/strong> and <strong>Ujamaa Construction<\/strong>, along with architecture firms <strong>Elkus Manfredi Architects<\/strong> and <strong>Interactive Design Architects<\/strong>. <strong>CBRE <\/strong>Executive Vice President Dan Lyne and Advisor Brandon Green are spearheading the leasing efforts.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/attracting-life-science-tenants-in-core-markets\/\">Attracting Life Science Tenants in Core Markets<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>The University of Chicago has already preleased 55,000 square feet at the 13-story tower. UChicago partnered with CIC for the creation of a lab incubator supporting start-up companies and early-stage science research.<\/p>\n\n\n\n<p>According to an <a href=\"https:\/\/www.avisonyoung.us\/us-life-sciences-market-overview\" target=\"_blank\" rel=\"noreferrer noopener\">Avison Young report<\/a>, the Chicago market had 509,360 square feet of lab\/R&amp;D space under development in the fourth quarter of last year. A total of 54.7 percent of the approximately 1.9 million-square-foot existing inventory was vacant at the time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-hyde-park-labs-up-close\">Hyde Park Labs, up close<\/h2>\n\n\n\n<p>Part of the second phase of a mixed-use development dubbed Harper Court, Hyde Park Labs will consist of nine full floors of lab and office space atop four levels of parking, one of which will be below-grade. The mid-rise averages 34,450-square-foot floorplates and will have 14.5- and 15.5-foot floor-to-ceiling windows, three passenger elevators and about 4,200 square feet of chemical storage space.<\/p>\n\n\n\n<p>Other features at the Class A building are set to include a lobby, first-floor retail space and 40,000 square feet of amenity space, comprising private terraces on every level, an indoor bar and lounge, an executive boardroom, a STEM engagement center for students on the ground floor and a fifth-floor terrace\u2014dubbed The Lawn\u2014with grills and firepits. The facility was designed according to LEED and WELL standards.<\/p>\n\n\n\n<p>The transit-oriented building is at 5207 Harper Court, close to a host of dining and retail opportunities and 7 miles from downtown Chicago. Chicago Midway International Airport is 13 miles away.<\/p>\n\n\n\n<p>The 650,000-square-foot first phase of the Harper Court mixed-use development came online in 2013. Already-completed buildings within the master plan include a 12-story office tower that houses UChicago&#8217;s administrative offices, a 131-key hotel and more than 80,000 square feet of retail space.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Trammell Crow\u2019s life science expansion<\/h2>\n\n\n\n<p>Over the last decade, Trammell Crow has developed more than $5.2 billion worth of laboratories, health-care real estate and life science assets, totaling about 6 million square feet, across the U.S.<\/p>\n\n\n\n<p>In July, a partnership between TCC and CBRE Investment Management broke ground on <a href=\"https:\/\/www.commercialsearch.com\/news\/trammell-crow-cbre-break-ground-on-san-francisco-life-science-project\/\">a 234,000-square-foot life science development<\/a> in Redwood City, Calif. The five-floor building is expected to come online by the end of the year.<\/p>\n\n\n\n<p>A few months earlier, the firm announced the redevelopment of a 1 million-square-foot,<a href=\"https:\/\/www.commercialsearch.com\/news\/trammell-crow-jv-to-start-1-msf-boston-mixed-use-project\/\"> mixed-use campus<\/a> in Boston. The two-phase project is set to feature 771,000 square feet of life science, office and retail space, along with a residential component.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CalSTRS recently provided a $136 million loan for this development.<\/p>\n","protected":false},"author":3355,"featured_media":1004702900,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21782,13,21742,21747],"tags":[34128,40376,32789,32779,32893],"class_list":["post-1004702896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-development","category-midwest","category-latest","category-office","tag-beacon-capital-partners","tag-calstrs","tag-cbre","tag-leed","tag-trammell-crow-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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