Grove Biopharma Leases 17000 SF Office Space At Trammell Crow's Fulton Labs In Chicago
400 North Aberdeen Street
Building Size
17,000 SF
Asset Type
Office
Closing
Apr 24, 2025
About this deal
AI
The property involved in this transaction is an office space located at 400 North Aberdeen Street, Chicago. The asset spans a total of 17,000 square feet and is part of Trammell Crow’s Fulton Labs, which focuses on early-stage life sciences tenants.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Landlord: Danny Queenan - Trammell Crow
- Tenant: Geoffrey Duyk - Grove Biopharma
- Landlord's Representative: Dan Lyne - CBRE
- Tenant's Representatives: Chip Evans & Jonathan Metzl - Cushman & Wakefield
This lease agreement marks Grove Biopharma's transition from shared incubator space with Portal Innovations following a successful fundraising of $30 million in Series A funding. The deal reflects Trammell Crow’s strategy in fostering a community of life sciences tenants within its 400 N Aberdeen campus.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93