Illinois Department of Commerce and Economic Opportunity Approves Expansion of
Chicago, May 14, 2018 – Rosalind Franklin University of Medicine and Science, a Cushman & Wakefield client, began construction on its new Innovation and Research Park, where academic and industry scientists and entrepreneurs will work together to translate the university’s biomedical research into new treatments for disease. The university hired Chicago-based Cushman & Wakefield to attract international and national bioscience companies to co-locate in the new science park.
“Cushman & Wakefield has an extensive track record advising clients on large leasing projects in North Suburban Chicago. The Innovation and Research Park will provide the bioscience industry with proximate access to RFU’s renowned research programs,” said Jonathan Metzl, Managing Director, Cushman & Wakefield. “It will be the premier complex for the science community to attract the experienced labor pool in Northern Illinois and Southern Wisconsin.”
The university held a ceremonial groundbreaking last Fall for the four-story, 100,000 square-foot addition to its campus in North Chicago, a suburb of the Chicago metropolitan area, located in Lake County, home to the largest concentration of bioscience companies in the Midwest. The building will feature state-of-the-art laboratories as well as conferencing and office space for faculty, commercial startups, and national and international healthcare and life science companies.
“The Innovation and Research Park is evidence of our commitment to improving wellness through biomedical advances and an ever-deeper understanding of the human body and the disease processes that do it harm,” said RFU Executive Vice President of Research Ronald Kaplan.
“Cushman & Wakefield understands the unique real estate needs of the bioscience industry and they have a passion for this particular project,” said John Nylen, RFU’s executive vice president of finance and administration. “We look forward to working with them to find tenants who share our vision for fueling research and innovation in a university setting.”
The project will be aided through an array of financial incentives under the North Chicago/Waukegan Enterprise Zone, a state program aimed at stimulating economic growth and community revitalization. The Illinois Department of Commerce and Economic Opportunity recently approved an application requesting an expansion of their zone to include the university.
“We are encouraged by the strong and enthusiastic support we’ve received from our local, state, and federal elected officials and industry leaders,” Dr. Kaplan said. “The enterprise zone will help us attract investment, cutting-edge healthcare companies, and collaborations with industry to accelerate the translation of our discoveries to patient treatment. That, in turn, will add quality jobs for our local communities and improve the health of both individuals and populations.”
Lake County Partners has estimated that the first building of what could be a multiphase development, will generate an estimated 500 direct and related jobs and an annual economic development impact on Lake County and surrounding region of $117 million. It is expected that more than 100 university researchers will move into the new building with a capacity for 175. Approximately 50 percent of the investigators will work in the new Brain Science Institute and its three disease-focused research centers, in addition to three more centers focused on genetic diseases, cancer cell biology, and proteomics and molecular therapeutics. Industry collaborators will work in dedicated space on each floor of the building.
Atlanta-based developer, The University Finance Foundation (TUFF) working with Gateway Development, late last year completed the $53 million financing for the expansion. Completion is expected by summer 2019.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Rosalind Franklin University
Formed in 1912 as the Chicago Hospital-College of Medicine, Rosalind Franklin University of Medicine and Science is a national leader in interprofessional medical and healthcare education and biomedical research. RFU includes the Chicago Medical School, School of Graduate and Postdoctoral Studies, College of Health Professions, Dr. William M. Scholl College of Podiatric Medicine and College of Pharmacy. More than 18,000 RFU degreed alumni are active throughout the United States and around the world. Learn more at rosalindfranklin.edu.
The University Financing Foundation (TUFF) is a nonprofit 501(c)(3) operating foundation that assists institutions of education and research in the planning, development, and financing of facilities and equipment at below-market costs. Learn more at www.tuff.org.