Sterling Bay, Harrison Street and institutional investors advised by J.P. Morgan Global Alternatives have secured a $125 million construction loan for ALLY, a life sciences project in Chicago.
Located at 1229 W. Concord Place, ALLY will feature 320,000 square feet of class A medical research lab and creative office space, spanning up eight stories. The life sciences project will be in Lincoln Yards, a 53-acre, mixed-use development created by Sterling Bay. It is the first building to be constructed in the $6 billion mega-development along the North Branch of the Chicago River.
“Chicago is an emerging market for biotechnology, supported by world-class academic institutions and a reputation for advanced medical research, but the city’s current inventory of superior lab space prevents the industry from reaching its highest potential here,” said Andy Gloor, CEO of Sterling Bay.
Gloor continued, “ALLY at 1229 W. Concord Place — and the forthcoming innovatio
