Trammell Crow Company (TCC), a global commercial real estate developer, and Beacon Capital Partners (Beacon), a leading real estate developer, owner, and manager of life science and office properties, announced that vertical construction is underway at Hyde Park Labs in Chicago. Located in the Hyde Park neighborhood on Chicago’s South Side, Hyde Park Labs will deliver 302,388 square feet of world-class lab and office space, as well as ground-floor retail and community space, when it is completed in late 2024.

The project will strengthen the City of Chicago’s growing life sciences ecosystem, and at the same time create the advanced lab infrastructure needed to support a science and technology hub on the South Side, leveraging its location alongside the University of Chicago. The building is projected to contribute to the vibrancy of the community, adding a significant new workforce in the neighborhood that will help support local retail and restaurants. The University of Chicago has pre-leased one and a half floors of the building totaling 55,000 square feet, a portion of which will house researchers from the Pritzker School of Molecular Engineering. Space will also be used to develop an incubator program to support startup companies focused on the life sciences.

“The University of Chicago is one of the world’s leading academic institutions, renowned for driving innovation across many disciplines, including biosciences and quantum. We’re proud that through the development of Hyde Park Labs, the University will be able to further support the incubation of early and growth stage companies on the cutting edge of scientific and technological discovery,” said Fred Seigel, President and CEO, Beacon Capital Partners. “We’re also excited for our first opportunity to partner with Trammell Crow as we bring this project to life in Chicago.”

Strategically located at the epicenter of Hyde Park on the corner of 52nd Street and Harper Avenue, the project is next to the UChicago’s Harper Court offices and a few blocks from UChicago’s main Hyde Park campus and the University of Chicago Medical Center. This advanced building will benefit from adjacency to and partnership with UChicago, which conducts pioneering research in innovative fields like biomedical sciences, engineering, and quantum technology. As one of the world’s leading research universities, UChicago has top-ranked programs at the Pritzker School of Medicine, the Booth School of Business, and in many other fields; and additionally, has secured $762 million in annual sponsored research and $341 million in NIH funding. Similarly, the Pritzker School of Molecular Engineering hosts world-renowned programs in materials for energy and sustainability, immune-engineering, and quantum engineering.

“There is tremendous excitement for this project across our community of researchers and entrepreneurs at the University of Chicago, as well as our partners in the city and across the globe,” said Juan de Pablo, UChicago’s Executive Vice President for Science, Innovation, National Laboratories, and Global Initiatives. “We have a historic opportunity to strengthen Chicago’s innovation capacity, while laying a foundation for further growth in our dynamic Hyde Park neighborhood.”

The University is also home to the Polsky Center for Entrepreneurship and Innovation, which includes the nation’s top-ranked university business accelerator program. Notably, the University is the headquarters of the Chicago Quantum Exchange (CQE) and the Duality Accelerator, a leading global hub for quantum research and quantum startups. CQE is an intellectual hub for advancing the science and engineering of quantum information, with six member institutions – four universities and two national labs – in the Chicago region and more than 40 corporate, nonprofit, international and regional partners. CQE member institutions were awarded more than $650M in government funding over the last five years, helping to innovate and build scientific infrastructure for a national quantum internet and communication network, and last year the CQE announced a 124-mile Chicago quantum network that is one of the longest land-based quantum networks in the country.

The Hyde Park neighborhood has a vibrant, diverse retail corridor with a range of local and national businesses, hospitality and green spaces, as well as abundant housing options. The project offers easy access to freeways and public transit and is a 12-min drive or 10-min Metra ride to downtown Chicago via the 53rd Street Metra station, located across the street from Hyde Park Labs.

"We are thrilled to welcome Hyde Park Labs to Chicago’s South Side,” said Samir Mayekar, Deputy Mayor for Neighborhood & Economic Development, City of Chicago. "Trammell Crow and Beacon Capital have shown tremendous foresight in creating a state-of-the-art facility that will fortify Chicago as the next big thing in life sciences in line with the City’s economic recovery plan.”

Hyde Park Labs will rise 14 stories and will include ground-level retail, lobby and loading space and nine floors of Class A lab and office space. Parking will be available on one level of below-grade space, as well as space on floors two to four. Hyde Park Labs marks the second phase of development at Harper Court, which currently includes a hotel, an office building housing many UChicago administrative offices, and retail space. The TCC/Beacon development plan and design was crafted to create an innovative life science hub with direct community benefits.

Tenants of Hyde Park Labs will have access to nearly 40,000 square feet of amenities, including a fifth-floor terrace dubbed “The Lawn,” which will feature grills, firepits, views of Lake Michigan and connection to the interior tenant lounge. The building will also offer private terraces on every floor, secure on-site bike storage, an indoor bar and lounge, an executive boardroom, as well as activated ground-floor retail. The developers are pursuing LEED, WELL, & U.S. Green Building Council certifications for the building.

The development team and the University of Chicago are committed to fostering engagement and inclusion within the advanced science and technology building, including the dedication of 2,500 square feet of community space with programming for STEM students, teaching spaces, and university mentorship. The development team has also committed to funding a Community Engagement Program, which will include an annual community support fund to support STEM programming with local students, in addition to hiring a full-time community engagement coordinator that will operate and manage the community space. The project will also commit greater than 40% of construction and operations spend towards minority and women-owned businesses.

Additional project partners include Elkus Manfredi Architects, Interactive Design Architects, Power Construction, Ujamaa, and Trinal, who is acting as the development’s diversity and inclusion consulting company. Dan Lyne and Brandon Green of CBRE are the exclusive marketing and leasing agents for the project.

“Chicago continues to be a top-10 life science cluster in the U.S., with top national talent rankings for data scientists, chemists, microbiologists, and biomedical engineers as well,” said Dan Lyne of CBRE. “Chicago’s strong life science employment base, combined with the presence of some of the nation’s top universities, including the University of Chicago, will promote future tenant demand for life science space, especially as this industry continues to be the fastest growing sector in the U.S.”

About Trammell Crow Company
Trammell Crow Company (TCC) is a leading global commercial real estate developer and a wholly owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of September 30, 2022, TCC had $19.5 billion of projects in process and $13.5 billion in its pipeline. It employs 700 professionals in 27 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.

About Beacon Capital Partners
Beacon Capital Partners (“Beacon”) is a leading private real estate investment firm, owning and operating office and life science properties. The firm has a 75-year legacy of successful real estate development, management, and transformation of workplaces. Since 1998, Beacon has raised ten commingled investment vehicles, as well as multiple joint venture vehicles and co-investments, totaling over $19 billion of equity capital commitments from public and corporate pension funds, financial institutions, endowments, foundations, and other U.S. and non-U.S. institutional investors. Today, Beacon manages over $14 billion of real estate and owns and operates a portfolio spanning more than 29 million square feet across 14 U.S. markets.Beacon’s experienced team creates workspaces that inspire creativity, collaboration, and innovation across a broad range of tenants and industries. The team uses disciplined property selection and innovates with design-driven transformation, curated tenant amenities and experiences, and a strong focus on tenant service to create properties that attract today’s tenants. Headquartered in Boston, Beacon has offices and market-focused teams in eight major U.S. cities.Beacon supports building a sustainable and inclusive future. The firm has been recognized as ENERGY STAR Partner of the Year for eleven consecutive years and has certified or recertified nearly 60M sf of LEED office space. Beyond sustainability, Beacon’s Funds 7 and 8 and a portfolio of Beacon JV assets all achieved five-star ratings (top 20%) in the GRESB assessment in 2022 and Beacon has been designated as a Fitwel champion. For more information, please visit www.beaconcapital.com.