ISTP, 8025 Lamon Ave. Skokie, Il 60077

Cour Pharma Expands at ISTP

To meet the increasing demand for medical research space in the Chicagoland area, Cour Pharmaceuticals’ life science and emerging biotechnology footprint is expanding within the Illinois Science and Technology Park in Skokie, Ill. With the addition, Cour Pharmaceuticals now leases around 25,000 sq. ft. in the park.

COUR Pharmaceuticals is developing first-in-class therapies designed to reprogram the immune system to achieve antigen-specific tolerance for immune-mediated disease. COUR’s platform of immune-modifying nanoparticles treats the root cause of immune disease, unlike traditional approaches, which only minimize symptoms using toxic immune suppression.

“Continued rapid growth for high-potential life science startups are emerging in Chicago and in addition to talent, life sciences companies like COUR will continue to need access to more specialized wet and dry lab space along with capital,” said COUR Pharmaceuticals CEO John Puisis.

 

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ISTP Ownership Changes

These recent sales highlight property types for which real estate investors have clamored during the COVID-19 pandemic: high-quality life sciences research buildings and office buildings with big, single tenants with good credit and long-term leases. The former has benefited from a rush of venture capital pouring into biotech and pharmaceutical research throughout the public health crisis, while the latter has drawn buyers looking for safe places to invest amid economic uncertainty

A venture of Hallandale Beach, Fla.-based TopMed Realty bought the 233,588 -square-foot office building at 4901 Searle Parkway. The building, which is almost fully leased to NorthShore University HealthSystem on a long-term deal, was purchased from a venture of Skokie-based American Landmark Properties

The sale comes a month after American Landmark sold the life sciences lab portion (8025 and 8045 Lamon Ave.), the majority of the leased 22.6-acre ISTP campus to Chicago-based investor Singerman Real Estate. The portfolio is comprised of a mix of highly technical wet lab and GMP space and is home to established global life sciences brands as well as prestigious university affiliated venture backed startups.

Noted Sam DiFrancesca and Lucas Borges of the JLL Capital Markets team…. “We were encouraged by the depth of capital with an interest in Greater Chicago and are excited to see such an established national life sciences investor as Singerman committing to the market,” “The level of lender interest in this portfolio is further testament to Chicago’s significant growth potential within the life sciences space.” Max Zwolan and Scott Brandwein of JLL also supported the transaction and will continue to handle the leasing for the buyers.
For the entire article, click here.

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NU Record Research Funding

Northwestern Research Funding- Record $893M.  Northwestern University’s research enterprise once again demonstrated strong performance, with annual sponsored funds reaching a new record high of $893.4 million for the fiscal year that closed Aug. 31. This represents an increase of 1% from last year’s total and continues a decade-long trend that has positioned Northwestern among the nation’s most prestigious research institutions. Since 2011, the University’s research funding has increased more than 74% as Northwestern approaches $1 billion in sponsored support, a feat achieved by only its top academic peers.

“The remarkable depth and breadth of Northwestern research continues to make a huge positive impact, transforming entire fields and strengthening society,” Milan Mrksich, vice president for research. said. “As we continue to go from strength to strength — including important investments in our entrepreneurial and innovation ecosystem to increase translation — we will enhance our already superb research enterprise to keep elevating Northwestern’s reputation as a premier destination for the best scholars, scientists and students in the world.”

“Our research portfolio now includes a higher percentage of larger, complex awards, reflecting the collaborative approach to research that Northwestern fosters,” said Shandra White, executive director of Sponsored Research. “Having diverse projects within Northwestern’s research landscape is vital, along with the robust infrastructure to support the complexity of those high-impact investigations.”

For more about NU, click here.

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Chicago Area Life Science Cluster

A life sciences cluster has also grown in recent years in and around Chicago, where three federal laboratories, several biopharma giants, and an emerging community of startups are buttressed by a strong base of academic research institutions—including Northwestern University, the University of Chicago, and the University of Illinois.

The bioscience industry’s economic footprint reaches into so many local communities across the country. From capital investments to research & development, this report shows the impact of the biosciences across the nation’s innovation ecosystem.

In Illinois, life sciences employers grew their employment base since 2016, increasing by 3.2 percent reaching nearly 88,000 direct jobs. Research also ranked in the top tier of all states in life sciences related academic R&D activities. Illinois research institutions spent nearly $1.6 billion in 2018 on R&D.

“The bioscience industry is critically important to Illinois and we are proud to work closely with partners like iBIO to help ensure the future of the industry and its role as an economic driver in the region,” said Pete Pellerito, BIO Senior Policy Adviser for Federal and State Economic Development and Technology Transfer Initiatives. To access the entire article, click here.

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