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Chicago real estate developer Sterling Bay aims to make Lincoln Park on the city's North Side a center for life sciences research, an industry that the firm hopes will fill a lot of space in its $6 billion Lincoln Yards megadevelopment.
Sterling Bay last week announced the creation of a new investment arm, called Prysm Life Sciences, that will plow millions of dollars into emerging biotech and pharmaceutical companies.
Prysm - Venture - Stanley - Manne - Children
The Prysm venture will include the Stanley Manne Children's Research Institute, a life sciences incubator based in a Lincoln Park medical building that Sterling Bay bought last year from Anne & Robert H. Lurie Children's Hospital of Chicago.
The goal is to address what Sterling Bay CEO Andy Gloor said is a shortage of high-quality life sciences research lab space in Chicago, which leads companies to move out of the area to research hotbeds such as Cambridge, Mass.
Developers - Properties - Chicago - Illinois - Medical
Other developers are eyeing properties elsewhere in Chicago, including in the Illinois Medical District and near McCormick Place, for research space.
Through Prysm, Sterling Bay and other investors will provide funding to early stage companies with the goal of creating new, high-paying jobs in the city. Companies that outgrow the incubator could move to space at Lincoln Yards, which Gloor said is expected to have a large portion of life sciences research space. Expanding companies that move to Lincoln Yards would further boost the value of Sterling Bay's investments in the startups.
Network - Companies - Chicago - Tech - Sector
"We want to provide a network to keep those companies in Chicago, similar to what 1871 has done for the tech sector," Gloor said of the incubator based in the Merchandise Mart. "This is an industry that is growing exponentially, and Chicago needs to get its fair share of these businesses."
Sterling Bay's initiative should complement the work already being done by Matter, a health care technology incubator...
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