Bridge Labs at Pegasus Park Delivers Dallas' First Institutional-Quality Laboratory Space for the Region's Thriving Life Sciences Ecosystem
DALLAS, Oct. 1, 2024 /PRNewswire/ -- Bridge Labs at Pegasus Park, opens to provide the first institutional-quality laboratory space in North Texas to meet the region's demand as a burgeoning biotech hub. Across two floors in a building on the Pegasus Park campus, 135,000-square-feet of new laboratory and office space is designed to accommodate both young and established biotech-related companies and enhance the region's flourishing life sciences ecosystem.
"Bridge Labs at Pegasus Park provides companies with the ability to grow their businesses, add members to their staff, and increase their footprint without having to leave the Pegasus Park campus," says Steve Davis, President, J. Small Investments. "We are thankful to the City of Dallas, investors, and all of our partners, for the support in delivering this project to North Texas and growing our region's rapidly-growing life sciences ecosystem."
Bridge Labs complements the existing 37,000-square-foot biotechnology startup community at BioLabs Pegasus Park, which opened on the campus in 2022, by providing scale-up fully built-out graduation space and individual private lab/office suites. BioLabs Pegasus Park, which opened its co-working lab and office facility at Pegasus Park in 2022, will extend its lab and facility operations to include Bridge Labs. The new facility features unparalleled laboratory space with best-in-class specifications, including upgraded power, backup generator capacity, HVAC and gas service, state-of-the-art amenities, shared spaces and equipment, and prebuilt laboratory suites that provide the tools and flexible space life science companies need.
Two existing and adjoining buildings on the Pegasus Park campus were renovated to deliver the state-of-the-art facility. Purpose-built shell laboratory space accommodates users up to 60,000 square feet, and pre-built lab suites range from 4,500 to 8,000 square feet. Layouts vary based on the different needs of start-ups and established life sciences companies.
The City of Dallas provided economic incentives and tax abatements for the project.
"Pegasus Park, BioLabs and now Bridge Labs are crucial parts of an economic engine, driving highly desirable STEM jobs to Dallas and West Dallas while fostering significant innovation across the life sciences," says Dallas City Council Member Omar Narvaez. "We are investing in the potential of our community, and I have no doubt that this facility will be a hub of discovery and progress in solutions for human health for years to come."
"We are confident that Bridge Labs will continue to attract life sciences and healthcare companies and institutions to our region, resulting in additional intellectual capital, top-quality and high-paying technical jobs, and an increase in access to cutting-edge science," says Sam Johnson, Principal, Montgomery Street Partners.
Pegasus Park serves as a neutral convener for North Texas' intellectual capital and offers a unique setting where a diverse group of tenants – from biotech companies, to investors and accelerators, higher education institutions, and social impact organizations – are able to co-locate. To help life sciences startups scale into high-growth companies, many accelerator programs are available on campus, including on-campus residency programs, and access to mentorship and a global network of experts.
In the pursuit of a healthier population, advancements in life science innovation are paramount, and Pegasus Park is at the forefront of driving growth in the North Texas life sciences sector. This expansion is not only advancing scientific research but also having a substantial economic impact on the region. According to a recent economic and fiscal impact report by The Perryman Group, a leading economic and financial analysis firm, at full masterplan build out, the operations of entities at Pegasus Park is anticipated to generate a projected $1.9 billion in annual gross product and 15,180 jobs in the Dallas area. It is estimated that the construction of Bridge Labs at Pegasus Park will generate nearly $105.5 million in gross product and about 965 jobs-years. At full master plan buildout, The Perryman Group projects that recent, current, and future construction at Pegasus Park will yield $936 million in gross product and 8,560 job years in the Dallas area.
In September 2023, Texas was chosen by the Advanced Research Projects Agency for Health (ARPA-H) as headquarters for its Customer Experience Hub, one of three Agency hub locations in the U.S. ARPA-H's selection of Pegasus Park reaffirms the region's burgeoning reputation as a globally recognized life sciences hub.
In addition to being the first-of-its-kind life sciences real estate development in North Texas, the 26-acre, 750,000-square-foot, mixed-use Pegasus Park campus also features a Lyda Hill Philanthropies-sponsored social impact hub called Water Cooler, commercial tenant office space, and entertainment and dining venues with state-of-the-art facilities and amenities. Campus amenities include a 16,000 square feet Conference Center, local craft brewery Community Beer Co., The Compound on-campus café, outdoor patio with firepits, and Hidden Gym Fitness Center.
Montgomery Street Partners and J. Small Investments are co-developers of the Bridge Labs project. Perkins + Will is the architect and Swinerton is the contractor, with support from Project Management Advisors. JLL is the leasing agent.
For leasing and additional information about Bridge Labs, please email [email protected].
About J. Small Investments
J. Small Investments is a real estate investment, management and brokerage firm located in Dallas, Texas. Founded in 1997, JSI specializes in value-add investments and identifying unique properties in the Dallas/Fort Worth metroplex, with a special expertise in the Love Field, Medical District and Stemmons Corridor submarkets.
About Lyda Hill Philanthropies / LH Capital, Inc.
Lyda Hill Philanthropies encompasses the charitable giving for founder Lyda Hill and includes her foundation and personal philanthropy. The organization is committed to funding transformational advances in science and nature, empowering nonprofit organizations and improving the Texas and Colorado communities. Because Miss Hill has a fervent belief that "science is the answer" to many of life's most challenging issues, she has chosen to donate the entirety of her estate to philanthropy and scientific research.
About Montgomery Street Partners
Montgomery Street Partners is a diversified commercial real estate investment firm that invests across property types and geographies. MSP makes platform and strategic entity investments in existing real estate operating companies and establishes new operating companies with seasoned executives in targeted sectors. MSP has acquired more than $7.7 billion of real estate assets, representing $3.8 billion of equity value since launching its discretionary fund business in 2015. Montgomery Street Partners started a dedicated life sciences real estate platform in 2021 and is actively developing and co-developing projects throughout the United States. For further information, please visit www.montgomerystreetpartners.com.
About Pegasus Park
Pegasus Park is a 26-acre, mixed-use office campus consisting of more than 885,000 square feet of office and amenities space across multiple buildings. The development includes an 18-story office tower, BioLabs, a state-of-the-art incubator laboratory and office facility for startup life sciences companies, Bridge Labs, a purpose-built institutional quality non-incubator life sciences building with laboratory and office space, and nonprofit and social impact shared spaces. The campus also offers vibrant entertainment and dining venues. The campus catalyzes a more robust life science ecosystem in North Texas and strengthens the local nonprofit sector through a dedicated social impact hub occupying five floors of the office tower. Strategically located in the heart of the rapidly expanding Innovation District, between the Dallas Design Center and the Southwestern Medical District in Dallas, Pegasus Park is a premier hub of innovation.
About BioLabs Pegasus Park
BioLabs Pegasus Park is flexible, state-of-the-art co-working lab and office facilities that provides science-based startups with the infrastructure and equipment they need to build their biotechs. Our member-based co-working environment pairs a supportive and scalable shared office and lab space with strategic access to capital and industry partners. Residents have access to a dynamic ecosystem that promotes collaboration and entrepreneurship throughout the entire North Texas area. www.biolabs.io
MEDIA CONTACT:
Allison Chaney
Phone: 214.352.5980
Email: [email protected]
SOURCE Pegasus Park
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