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BioLabs Makes Midwest Debut at Sterling Bay Property
Lab space co-working provider BioLabs has leased about 30,000 square feet at Sterling Bay’s life sciences building at 2430 N. Halsted St. in Chicago’s Lincoln Park neighborhood, Crain’s Chicago Business reported. The location will be the first in the Midwest for BioLabs.
Based in Cambridge, MA, BioLabs has been eyeing an outpost in Chicago for the past couple years as more venture capital backs Chicago-based life sciences startups, chief business officer Nina Dudnik told Crain’s.
Venture capital investments in life sciences companies in Chicago have increased by 286% over the past year, outpacing the growth in most major markets, according to CBRE. Simultaneously, more than 860,000 square feet of lab space is under construction in the region.
Chicago “has extraordinary world-class universities and obviously a strong business community,” Dudnik said. “We see it as a gateway to the Midwest and to be able to have a foothold here.”
- ◦Lease
