As it cashes out on one big life sciences research park, Harrison Street Real Estate Capital has lined up money to go after more.
The Chicago-based real estate firm has raised $720 million for its eighth fund, which will likely be used to target more properties in the bioscience sector, a source familiar with the investment firm confirmed.
The fund's first closed capital raise comes just a month after Harrison Street filed a disclosure with the Securities & Exchange Commission for the new fund, noting that it was ultimately aiming to raise $2 billion. Industry publication Private Equity Real Estate, which first reported news of the capital raise, said Harrison Street raised the recent round in only 60 days and that the money will be directed toward life sciences lab space and data center properties in addition to the health care and senior living real estate for which the firm is better known. A Harrison Street spokesman declined to comment.
Harrison Street is among many real estate investors flocking to the life science sector amid a COVID-19 pandemic. The crisis has not only triggered a surge in demand for space to do biotechnology and pharmaceutical research, but also clouded the outlook for other, more mainstream property sectors like offices, apartments, shopping centers and hotels.
Harrison Street capitalized on the life sciences momentum already. It invested two years ago in a speculative lab space development at a research campus in Cambridge, Mass., that was 88 percent leased by the time it was completed. It bought a stake in the rest of the campus last year before recently cashing out in a deal that valued the properties at $720 million, the firm announced earlier this month.
Harrison Street said in October it had partnered with Chicago developer Sterling Bay in the venture that owns 2430 N. Halsted St., a 125,000-square-foot medical research building Sterling Bay redeveloped into life sciences lab space. Harrison Street CEO Chris Merrill said at the time the partnership could expand to Sterling Bay's Lincoln Yards megaproject planned along the North Branch of the Chicago River, where the developer said it aims to build a new life sciences lab building.
Harrison Street was co-founded in 2005 by Merrill and the family of former Motorola chairman Chris Galvin—which sold its stake in 2018 to real estate services company Colliers International Group—and has $27.3 billion in assets under management.
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December 17, 2020 at 11:53PM
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Harrison Street raises $720 million, eyes more life sciences deals - Crain's Chicago Business
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