LINCOLN PARK — Sterling Bay, the developer of the Lincoln Yards project as well as scores of other properties around Chicago, has added another major acquisition to its portfolio.
On Tuesday evening, the developer closed on a sale with Lurie Children’s Hospital to buy a hospital research building in Lincoln Park.
Sterling Bay bought the Stanley Manne Children’s Research Institute building at 2430 N. Halsted St., along with the adjacent Julia Porter Park, both sides confirmed.
The five-story, 119,415-square foot building, was first built in 1995 and expanded in 2003. It will be leased back to Lurie Children’s Hospital until its research operations are moved into Streeterville at Northwestern University research facility.
The former Children’s Memorial Hospital itself moved from Lincoln Park to Streeterville in 2012.
Lurie Children’s first shared its plans to consolidate with Northwestern back in 2014. Sterling Bay was selected after a “competitive bidding process,” according to a press release from Sterling Bay.
Terms of the sale were not disclosed. Sterling Bay said after Lurie Children’s moves, there will be a “brief cosmetic renovation.” Then Sterling Bay will “open up to leasing tenants in the life science field,” a spokeswoman said.
“For decades, Chicago has been nationally-recognized as a hub for transforming medical research and innovation thanks to its world-class facilities like Manne Research Institute,” said Andy Gloor, Managing Principal of Sterling Bay.
“We look forward to continuing to build on the city’s reputation for achieving groundbreaking scientific discovery by providing the life science community with revitalized, state-of-the-art urban laboratory facilities on the North Side.”
Mary Kay Daly, Executive Director of Lurie Children’s Hospital, confirmed the sale with Block Club Chicago on Wednesday.