Leggat McCall Properties (LMP) was engaged by the University of Chicago in 2018 to advise the University regarding the development of a new commercial lab building in partnership with a private-sector developer. The project, envisioned as a 280,000-SF tower adjacent to the University’s Hyde Park campus, failed to meet the University’s financial targets and ultimately was not built in its then-envisioned configuration.

Subsequently, in 2021 LMP was asked to run a process to identify a new developer for the site. LMP worked with the University to establish a framework that would be economically feasible, developed an RFP,  identified potential bidders, and guided the University through the selection process. Through the selection process LMP was able to confirm that the proposed project would indeed meet the University’s goals, facilitating multitenant commercial lab development in the Hyde Park area while providing sufficient space for a University-affiliated biotech incubator program.

The LMP team supported the University of Chicago in negotiation of transaction agreements from predevelopment through closing in December 2022. The new project was structured as a ground lease from the University of Chicago, with a joint venture between Beacon Capital and Trammell Crow as the developer. Construction is underway, and the building, which will be a 300,000 SF, 13-story structure built partially over an existing retail/parking garage structure, is expected to open in late 2024.