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terling Bay is looking to sell a biotech property on Chicago's North Side, as its life sciences real estate holdings and Lincoln Yards project face challenges. The company listed the Lincoln Park Bioscience Center at 2430 North Halsted Street for sale, with CBRE handling the marketing efforts. The asking price was not disclosed, but occupancy and market conditions may impact the building's value.

    The five-story, 125,600-square-foot property is 41% leased to Cyclopure and Evozyne, with a weighted average lease term of 5.6 years. Sterling Bay purchased the building from Ann & Robert H. Lurie Children's Hospital for $24 million in 2018, aiming to attract large biotech tenants to feed into its Lincoln Yards development.

    However, demand for life sciences real estate has declined across major markets since the pandemic, prompting Sterling Bay to offload several properties next to the 53-acre Lincoln Yards site. The company and joint venture partner Harrison Street invested over $19 million in renovations and tenant improvements, but refinanced the building with a $64.3 million loan from Capital One in September 2022.

    Chicago's biotech ambitions are facing an uphill battle, with Sterling Bay's Lincoln Yards project yet to secure a tenant for its first completed building. While other developers like Trammell Crow have made strides in life sciences, competition remains fierce as Chicago vies for status alongside major biotech hubs like Boston and San Francisco.