DALLAS – June 14, 2023 – J. Small Investments, Montgomery Street Partners, and an affiliate of Lyda Hill Philanthropies announce plans for the development of Bridge Labs, the next phase of Pegasus Park, the regional epicenter for life sciences and biotechnology in North Texas. Complementing other anchors of biotech activity on campus such as the thriving startup community at BioLabs, the private lab spaces at Bridge Labs will support the needs of more established life sciences companies. The Dallas City Council has been engaged with the project for economic incentives and tax abatements which were approved by the Council on Wednesday, June 14.
“We would like to thank the local and state government for their partnership and assistance in the growth of the biotech and life sciences ecosystem in North Texas as we move forward with the development of Bridge Labs at Pegasus Park,” says Steve Davis, President, J. Small Investments. “Their vision to support a life sciences hub in North Texas to bolster scientific discovery and our economy showcases their commitment to our city. We are proud of the incredible success it has had in laying the foundation for the region’s burgeoning ecosystem.”
By renovating two existing and adjoining buildings on campus, Bridge Labs will feature 135,000 square feet of purpose-built research and development space. Adjacent to the 37,000-square-foot BioLabs facility that opened in 2022, Bridge Labs will feature the first institutional-quality, non-incubator space in the region with best-in-class specifications such as upgraded power, HVAC and gas service and state-of-the-art laboratory amenities and shared spaces. Bridge Labs will also offer prebuilt lab suites that will provide the tools and flexible space needed for growth-stage life sciences entrepreneurs and companies. Thirty percent of the space is already committed by lease.
Demolition is underway and construction will begin immediately on the project with a scheduled completion date in mid-2024. The surrounding communities will benefit from the project by experiencing a surge in top-quality and high-paying technical jobs, an increase in intellectual capital and a rise in access to cutting-edge healthcare.
“Bridge Labs is a vital step in the evolution of the Dallas life sciences ecosystem. By providing first-of-its-kind, next-generation space, Pegasus Park is continuing to advance the development of a thriving research hub. This project directly complements the burgeoning activity from BioLabs and other on-campus initiatives,” says Sam Johnson, Principal, Montgomery Street Partners. “We are excited to work with the City of Dallas to bring this project to life, which will foster local innovation and attract new life sciences and health care companies and institutions to the region.”
In addition to being the first-of-its-kind life sciences real estate development in North Texas, the 26-acre Pegasus Park campus also features a 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 16,000 square feet of flexible function space called Convene Conference Center and a local craft brewery taproom and restaurant, Community Beer Co.
Montgomery Street Partners and J. Small Investments are serving as the co-developers of the Bridge Labs project. Perkins + Will is serving as the architect and Swinerton is serving as the contractor, with support from Project Management Advisors. JLL is serving as the leasing agent for the project.
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 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 Lyda Hill Philanthropies
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 Pegasus Park
Pegasus Park is a 26-acre mixed-use office campus consisting of more than 750,000 square feet of office and amenities space across multiple buildings, including an 18-story office tower. The campus features four components – a biotech and life sciences hub, a social impact hub, commercial tenants, and entertainment/dining venues. Strategically located in the heart of the rapidly expanding Innovation District between the Dallas Design Center and the Southwestern Medical District in Dallas, the campus is positioned to be a premier hub of innovation.