Construction tops out at Hyde Park Labs

Trammell Crow Company and Beacon Capital Partners have announced that construction has topped out at Hyde Park Labs in Chicago. The South Side’s first commercial, purpose-built advanced R&D lab, Hyde Park Labs is in the diverse and vibrant neighborhood of Hyde Park, located at 5207 S. Harper. The building is expected to welcome its first tenants in early 2025, after the delivery of the base building in Q4 2024. The University of Chicago has already pre-leased approximately 55,000 square feet at the building, which will house a half-floor incubator space to support early-stage science research.

“Hyde Park Labs is situated at the epicenter of the Hyde Park downtown neighborhood, where there has been tremendous innovation driven in large part by the transformative deep tech, medical and quantum research and entrepreneurship led by the University of Chicago,” said TCC’s Morgan Baer-Blaska. “The proximity and partnership with this world-class institution allows us to further support a science ecosystem that is already growing rapidly in this market.

Designed by Elkus Manfredi Architects and Interactive Design architects, the 13-story building will have more than 300,000 square feet, featuring nine full floors of Class A lab and office space, as well as activated ground-level retail and lobby. Parking will be available on one level of below-grade and three floors of above-grade space. The facility will include 40,000 square feet of tenant amenities, including a fifth-floor terrace dubbed “The Lawn” that will feature grills, firepits, views of Lake Michigan and connection to the interior tenant lounge. The building will also offer private terraces on every floor, secure on-site bike storage, an indoor bar and lounge, an executive boardroom, as well as a STEM engagement center for students on the ground floor.

“Chicago’s strong employment base and its standing as a top research cluster in the US make Hyde Park Labs, through its partnership with the University of Chicago, a vital and innovative location to attract and support the incubation of early and growth stage companies on the cutting edge of scientific and technological discovery,” said Fred Seigel, President and CEO, Beacon Capital Partners.

 Hyde Park Labs is the second phase of development at Harper Court, which currently includes a hotel, an office building that houses UChicago administrative offices, and retail space. The TCC/Beacon development plan and design was crafted to create an innovative R&D and science hub with direct community benefits.

As the City of Chicago aims to strengthen its position as a technology and advanced sciences hub, the project will contribute lab space and infrastructure needed to support that ecosystem, including nine floors of lab-enabled space and heavy infrastructure for lab or technology uses. The project will feature a range of spaces to meet the needs of startups, interim-stage companies, and larger corporations, including shared wet or dry lab and office space. The building will also include new levels of parking, ground-floor retail and community space, and outdoor green space, as well as a full-time community engagement specialist to lead programming.

Power Construction and Ujamaa Construction have created a joint venture to deliver the building by Q4 2024 with tenants moving in Q1 2025.