CHICAGO — Trammell Crow Co. and Beacon Capital Partners have broken ground on Hyde Park Labs in Chicago’s Hyde Park neighborhood. The project will feature 302,388 square feet of lab and office space as well as ground-floor retail and community space. Completion is slated for late 2024. Project costs are estimated at $225 million, according to Crain’s Chicago Business.
The University of Chicago has pre-leased one-and-a-half floors of the building totaling 55,000 square feet, a portion of which will house researchers from the Pritzker School of Molecular Engineering. Space will also be used to develop an incubator program to support startup companies focused on the life sciences.
Hyde Park Labs will rise 14 stories. The project marks the second phase of development at Harper Court, which currently features a hotel, office building housing many UChicago administrative offices and retail space. Tenants of Hyde Park Labs will have access to nearly 40,000 square feet of amenities, including a fifth-floor terrace dubbed “The Lawn.”
The project team includes Elkus Manfredi Architects, Interactive Design Architects, Power Construction, Ujamaa and Trinal. Dan Lyne and Brandon Green of CBRE are marketing the project for lease.