Grove Biopharma Leases HQ and R&D Lab at Fulton Labs in Chicago

Trammell Crow Company (TCC), a leading commercial real estate developer, announced today a lease with Grove Biopharma for their headquarters and research and development (R&D) lab at 400 North Aberdeen in Chicago’s Fulton Market neighborhood. The preclinical biotechnology startup, which previously operated out of Portal Innovation’s Fulton Labs location, announced yesterday the close of a $30 million Series A financing round and is now moving into its own space within a 17,000-square-foot Science-Ready Lab suite.

“Grove Biopharma is the perfect example of the thesis we planned our Fulton Labs campus around. It’s a company that spun out of Northwestern, then moved to Portal Innovations for incubation and the support ecosystem, and is now moving into a large Science-Ready Lab suite to accommodate further growth,” said Morgan Baer Blaska, Vice President with TCC Midwest. “In the past, a company on this growth trajectory would have considered moving to one of the coasts, but both Portal and Fulton Labs have provided an environment where science startups can grow and thrive here in Chicago.”

Founded in 2020, Grove Biopharma, a private biotechnology company pioneering its Bionic Biologics™ platform to develop therapies targeting previously intractable intracellular disease targets, announced yesterday the close of a $30 million Series A financing. The round was led by DCVC Bio with participation from Eli Lilly and Company, InVivium Capital, Walder Ventures, Gradiant Corporation, Mansueto Investments, and others. They join existing seed supporters, including Portal Innovations, where Grove was incubated. Proceeds will be used to further advance Grove Biopharma’s proprietary platform and drive its lead oncology programs toward the clinic.

“We are incredibly proud to share the news of our Series A financing and to call Fulton Labs home. This milestone is a testament to the dedication of our phenomenal team at Grove, our distinguished investors, and our valued partners in Chicago’s emerging life sciences ecosystem,” said Paul Bertin, Ph.D., Co-Founder, President and Chief Technology Officer at Grove Biopharma. “Our team is committed to advancing transformative therapeutics from our Bionic Biologics platform to address critical unmet patient needs.”

Dan Lyne of CBRE represented TCC in the deal. Jonathan Metzl and Chip Evans of Cushman & Wakefield represented Grove Biopharma. The company joins a roster of innovative tenants at 400 North Aberdeen, including Portal Innovations, Mattiq, the Chan-Zuckerberg BioHub, the Chicagoland Climate Investment Alliance, P33, Rhaeos, and Illinois Tech.

TCC’s Fulton Labs at 400 North Aberdeen is part of the firm’s 2 million-sq.-ft.-plus Fulton Park campus that serves as a versatile hub for cutting-edge enterprise in Chicago with trophy office space, purpose-built properties for advanced sciences, a luxury multifamily development, market-transforming amenities, and the first and only public park in Fulton Market. The development is also part of TCC’s broader 1.2 million-sq.-ft. life science portfolio in Chicagoland, which includes the recently delivered Evanston Labs (175,000 sq. ft.) and Hyde Park Labs (302,000 sq. ft.).