A pharmaceutical company plans to jump from one Chicago suburb to another as demand for life science space in the Chicago metro shows promise but possible saturation.
COUR Pharmaceuticals signed a 50,000-square-foot lease at Trammell Crow Company’s Evanston Labs, where it will relocate its headquarters late next year. The company will move from the Illinois Science and Technology Park, at 8-25 Lamon Avenue in Skokie.
Dallas-based Trammell Crow, a subsidiary of CBRE, has invested heavily in the life sciences sector in Chicago, developing two facilities in Fulton Market and another in Hyde Park. Investment in such developments increased following the onset of the pandemic because the specialized industry is less adaptable to work-from-home trends.
Whether that momentum will continue is unclear. Chicago developer Mark Goodman pivoted from plans for a life sciences building to apartments in Fulton Market last year, after trouble finding financing. And last month, Sterling Bay listed a biotech property on Chicago’s North Side, as its life sciences real estate holdings and its Lincoln Yards project face setbacks. That five-story, 125,600-square-foot building at 2430 North Halsted Street, called the Lincoln Park Bioscience Center, is 41 percent leased to two tenants.
Trammell Crow developed Evanston Labs, at 710 Clark Street, and opened the Class A life sciences building earlier this year. The location’s proximity to Northwestern University was key in choosing the development site, John Carlson of Trammell Crow Chicago said in a news release.
COUR Pharmaceuticals, which develops treatments for autoimmune diseases such as Type 1 diabetes, will occupy the 8th and 9th floors of the 10-story, 178,800-square foot building. The building includes specialized lab spaces ranging from 5,000 to 13,000 square feet, a board room, a bar and lounge, health center and terrace.
David Burden of Colliers represented COUR Pharmaceuticals, and Dan Lyne and Brandon Green represented Trammell Crow in the transaction.
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