CHICAGO, Oct. 31, 2018 /PRNewswire/ -- Sterling Bay, the Chicago-based real estate investment and development firm, today announced that it has completed the purchase of the Stanley Manne Children's Research Institute located at 2430 N Halsted Street from Ann & Robert H. Lurie Children's Hospital of Chicago.
Sterling Bay was selected among numerous buyers following a competitive bidding process. The Hospital will lease the 119,415-square-foot facility from Sterling Bay until the Hospital's research operations are fully consolidated at the Simpson Querry Biomedical Research Center in Streeterville in Summer 2019.
"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."
Originally built in 1995, the research center was expanded in 2003 in response to an increasing demand for urban research and development space, which has continued to grow in recent years. Sterling Bay's planned renovations aim to deliver rarely available modern research space of this caliber and location to tenants in the medical research field.
This purchase is the latest of several high-profile recent and pending acquisitions representing the continued growth and diversification of Sterling Bay's portfolio of Chicago properties including Prudential Plaza, Lincoln Yards, the tech campus at 600 W Chicago and 875 N Michigan, formerly known as the John Hancock building.
About Sterling Bay
Sterling Bay is a leading investment and development company with expertise spanning all aspects of real estate ownership. Known for creating world-class urban campuses for companies such as Google, McDonald's, Uber, Glassdoor, Dyson, Hillshire Brands and Gogo, Sterling Bay is consistently recognized for award-winning projects that transform space, enhance communities and strengthen a company's culture and brand. Sterling Bay's team of more than 200 professionals is responsible for a portfolio exceeding $3 billion, and a development pipeline in excess of $8.7 billion. For more information, visit www.sterlingbay.com.
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SOURCE Sterling Bay