Sterling Bay Purchases 119,415 SF Medical Research Center in Chicago
CHICAGO — Sterling Bay has purchased the Stanley Manne Children’s Research Institute in Chicago for an undisclosed price. Ann & Robert H. Lurie Children’s Hospital of Chicago was the seller. The hospital will lease the 119,415-square-foot research center from Sterling Bay until its research operations are fully consolidated at the Simpson Querry Biomedical Research Center in Streeterville in summer 2019. Originally built in 1995, the research center was expanded in 2003. In recent years, Sterling Bay has been one of the most active developers and acquirers within the city. This purchase is the latest of several high-profile recent and pending acquisitions within 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.