Energy Start-Up Celadyne Becomes First Tenant in the Science Ready Lab Suites
Trammell Crow Company (TCC), a global commercial real estate developer, today unveiled its Science Ready Lab Suites at Fulton Labs. These fully built out, move-in ready private labs span, 3,000 to 7,000 square feet and provide advanced R&D laboratory space with world-class infrastructure and access to unparalleled building technology and amenities. Celadyne Technologies Inc., a leader in revolutionizing hydrogen fuel cells to decarbonize heavy industry, has signed on as the first tenant to occupy the Science Ready Lab Suites.
“Celadyne Technologies is innovating rapidly and this move could not have come at a better time. Fulton Labs’ world-class facilities with the Science Ready Lab Suites will allow Celadyne to advance our goals of decarbonizing heavy-duty systems with more durable and efficient hydrogen fuel cells, reducing the costs around hydrogen usage, and ensuring equitable energy access. We are also incredibly grateful to our government funders (NSF, DOE, ARPA-E, AFWERX) and our private-sector funders (Shell Ventures and the Breakthrough Energy Fellows program) for making this acceleration and growth possible,” said Gary Ong, CEO of Celadyne Technologies.
Celadyne will leverage the laboratory and shared equipment room offered to the Science Ready Lab Suite users at Fulton Labs to accelerate its efforts in creating more efficient and compact hydrogen fuel cells.
The Science Ready Lab Suites, available for move-in beginning August 2022, are optimized for science, including therapeutics, medical device, diagnostic, food science and materials research. The suites, which offer flexible lease terms and access to a shared lab equipment room, fill a major gap in Chicago’s current R&D ecosystem, providing flexibility and minimal capital expenditures for both growth-stage start-ups and mature companies looking to establish a presence in downtown Chicago.
“As Portal start-ups grow and advance their technologies from research through proof of concept and into commercialization, they need access to a continuum of turnkey scalable lab space where scientific teams can collaborate,” said John Flavin, Founder & CEO of Portal Innovations, LLC. “Equally important to scaling is the access to shared equipment and ecosystem of like-minded innovators and business professionals within Fulton Labs.”
“Chicago is increasingly being recognized as a key center for cutting-edge life sciences, food sciences and next-generation energy companies,” said Morgan Baer Blaska, Vice President at TCC. “With Fulton Labs and the addition of the Science Ready Lab Suites, we strive to create an environment that meets the infrastructure and innovation needs of all stages of advanced R&D life sciences companies. We’re thrilled to have Celadyne Technologies join the Fulton Labs ecosystem, which was built with the goal for companies and their investors to reach their ambitions right here in Chicago.”
Fulton Labs at 1375 W. Fulton is part of TCC’s 725,000-square-foot Fulton Labs campus comprised of the fully operational 300,000-square-foot building at 1375 W. Fulton and a 425,000-square-foot building nearby at 400 N. Aberdeen, which began welcoming tenants in Q1 2022. Celadyne joins Fulton Lab’s notable life sciences tenant roster, which includes Portal Innovations, Xeris Pharmaceuticals, Vanqua Bio, and Talis Biomedical.
Chicago is an extremely attractive setting for advanced sciences companies seeking to plant roots in a location conducive to growth. Advantages include a convergence of leading research universities that attract the brightest talent; an accessible, central U.S. location with abundant transportation; the commitment of private organizations and state and local government to invest in R&D initiatives; and affordability not seen on the coasts.
“Today, Chicago is seeing record investment in people and ideas,” said Michael Fassnacht, President and CEO, World Business Chicago, Chief Marketing Officer, City of Chicago. “The city is a magnet for diverse talent who want to live an urban experience and know their values and commitment to diversity, equity and inclusivity are matched. We are excited to see all the growth happening from our university, incubator, research networks to startups in lab spaces like that which Trammell Crow Company is unveiling today. Congrats to all.”
A November 2021 CBRE market trend report indicated that nearly 1 million square feet of Class A lab space has been delivered or is under construction in Chicago since 2020, primarily due to Fulton Labs, and that has attracted the relocation of coastal R&D operations for talent and cost advantages.
Celadyne Technologies was represented by Jonathan Metzl at Cushman & Wakefield.
For all campus leasing inquiries, contact Dan Lyne at [email protected] or Kelsey Scheive at [email protected].
About Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of March 31, 2023, TCC had $17.3 billion of projects in process and $13.1 billion in its pipeline. It employs 700 professionals in 27 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.