CHICAGO — Beacon Capital Partners and Trammell Crow Co. (TCC) have inked a new lease expansion with the University of Chicago at Hyde Park Labs in Chicago. The private research university will occupy more than 155,000 square feet and is expected to move into its new space by the second quarter of 2026. The announcement was made at the grand opening of Hyde Park Labs and UChicago’s Science Incubator on Tuesday, Sept. 16.
The university’s new space, including 101,199 square feet across the building’s top three floors, will support research initiatives in areas such as cancer, metastasis, biochemistry and molecular biology. UChicago’s original lease included space for faculty research and the new incubator, which is a partnership between the Polsky Center for Entrepreneurship and Innovation and Portal Innovations. Six UChicago-affiliated companies are among the incubator’s first tenants: memQ, Exactics, Signl, Cell Therapy, ZipBionexus Tech and Neuro Innovations. In partnership with the university, the ground floor of the building will also initially host IBM’s next-generation modular quantum computer, called IBM Quantum System Two.
Located at 5207 S. Harper Ave., Hyde Park Labs is the South Side of Chicago’s first commercial, purpose-built advanced R&D lab building, according to TCC. Delivered earlier this summer, the building rises 13 stories and spans more than 300,000 square feet. The property is home to nine floors of Class A lab and office space, ground-floor retail, Southside STEM Station and four levels of parking. The facility also includes 40,000 square feet of tenant amenities, including a fifth-floor terrace dubbed “The Lawn.”
Dan Lyne and Brandon Green of CBRE represented Beacon and TCC in the lease.