CBRE Retained as Leasing Agent by General Capital for Build-To-Suit Project in IMD Opportunity Zone
12 Apr 2021
Up to 500,000 SF build-to-suit life sciences complex would be one of the first opportunity zone projects in The Illinois Medical District
Chicago – April 12, 2021 – CBRE has been retained as the leasing agent by General Capital for a potential 500,000 square foot build-to-suit development in the Illinois Medical District (IMD) opportunity zone at 1240 South Wood Street in Chicago.
This project is designed to provide ultimate flexibility to future users. The site has the ability to be constructed for a single tenant at 500,000 sq. ft. or can be phased to accommodate multiple users. Onsite structured parking will add another competitive advantage for tenants.
General Capital, which recently developed over 600,000 square feet of life sciences space for Illumina and Exact Sciences, signed a long-term ground lease for the opportunity zone land. To capitalize on the area’s medical and health services synergies, the Wisconsin-based developer is planning a modern facility that can accommodate a wide range of medical, life sciences, educational, or health-tech users to meet the growing demand within the Illinois Medical District.
This ground lease is the first to be signed in the IMD opportunity zone and one of the first projects to be marketed. The land is located on the Wood Street Medical Mile, the second largest urban medical district in the United States and the most concentrated medical and education mile in the Midwest. Major medical facilities in the district include the University of Illinois Hospital & Health Science System, John H. Stroger, Jr. Hospital of Cook County, Jesse Brown VA Medical Center, and Rush University Medical Center. The Wood Street Medical Mile is also adjacent to the University of Illinois Campus.
“There is increasing demand for medical-oriented space in Chicago whether it be traditional office, educational spaces, lab space, and in particular, medical and life sciences,” said CBRE’s Nardini. This is a rare opportunity to occupy new construction in a prime location adjacent to four hospitals and two major Universities. The Wood Street Medical Mile will be a real draw to firms that want direct access to world-class healthcare systems.”
General Capital is a leading real estate firm focused on building a portfolio of exceptional projects in established urban and suburban neighborhoods. The firm’s core business is the development, acquisition and management of quality life science, office, industrial, retail and residential properties, with an emphasis on build-to-suits.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.