State Looks To Sell Off Abandoned Riverside Industrial Site

A building best known as a backdrop for the 2014 Hollywood blockbuster Transformers: Age of Extinction is staring down a transformation of its own as the state seeks to sell the abandoned industrial site better known as Damen Silos.

The state will accept bids this fall for the Silos — a space that has become a financial burden despite its unique combination of size and transit connectivity along the south branch of the Chicago River.“The sale of this surplus property will generate significant economic…

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Inflation Reduction Act Multiplies Tax Benefits For Building Green

Two pieces of the U.S. tax code that incentivize decarbonization were dramatically expanded with Tuesday's passage of the Inflation Reduction Act of 2022, making green building elements more financially attractive to developers and property owners.

The sweeping $430B legislation takes aim at a wide swath of President Joe Biden's domestic priorities, including curbing emissions in an effort to slow climate change. To that end, the new law tripled a tax credit and doubled a tax deduction meant to spur sustainable development.

"There is undeniably more to do, but the legislation will catalyze action to decarbonize our economy," said BREEAM U.S. Director of Operations Breana Wheeler, whose organization oversees assessing and certifying building sustainability."The bill shifts the momentum to federal efforts to decarbonize key areas of the built environment and transportation," she…

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Big Pharma’s Big Bankroll Beginning To Bolster Biotech

As venture capitalists pull back on their funding for life sciences, Big Pharma is flexing its considerable financial muscle to grab up smaller biotech companies, providing an injection of capital that could translate into geographic expansion and more investment in the pricey facilities these companies need to operate.

In the first few weeks of August alone, Amgen purchased Chemocentryx for $4B, Gilead purchased MiroBio for $405M, and Pfizer acquired Global Blood Therapeutics for $5.4B. And other big firms struck partnership deals to co-develop and research new therapeutics: Roche struck deals with Poseida and Kiniksa for a total of $810M, GSK partnered with Mersana in a $1.5B deal, and BMS linked up with GentiBio in a $1.9B agreement.

An Endpoints analysis from May suggested deep-pocketed Big Pharma could gobble up nearly 650 public biotech firms if it wanted.

“​​Big Pharma is definitely getting more active on the M&A front,” Breakthrough Properties CEO Dan Belldegrun said. “And with that, I think we've also seen some big impacts on the real estate front. Pharma is…

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