Pegasus Park To Add Thousands Of Square Feet Of Lab Space For Established Life Sciences Firms
Developers at Pegasus Park will more than triple the amount of lab space on campus with the introduction of Bridge Labs, a 135K SF research and development facility slated to open in mid-2024.
Bridge Labs will be built next door to the startup incubator Biolabs and will cater to more mature entrepreneurs and companies, according to a news release. Thirty percent of the space has already been leased.
The addition represents the first institutional-quality, non-incubator lab space project in North Texas, per the release.
“By providing first-of-its-kind, next-generation space, Pegasus Park is continuing to advance the development of a thriving research hub,” co-developer Sam Johnson, principal at investment firm Montgomery Street Partners, said in a statement. “This project directly complements the burgeoning activity from BioLabs and other on-campus initiatives.”
Dallas City Council approved a tax break for the project earlier this week that will translate to about $4.8M over 10 years, per city documents. Another $3M was awarded to Pegasus Park through Chapter 380, a state program designed to incentivize economic development.
“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,” co-developer Steve Davis, president of J. Small Investments, said in a statement. “Their vision to support a life sciences hub in North Texas to bolster scientific discovery and our economy showcases their commitment to our city.”
The launch of Pegasus Park by Lyda Hill Philanthropies and J. Small Investments in 2021 was intended to boost Dallas’ profile as an attractive market for life sciences and biotech activity. Since then, the park has welcomed Biolabs and nonprofit hub Water Cooler. It is also being considered as the location for the federal government’s new biomedical research agency.
But one of the biggest barriers for more life sciences development in Dallas is the lack of available lab space, which is why some companies are looking to vacant office buildings for possible conversions.
Bridge Labs will occupy two existing buildings at Pegasus Park, which used to be the office campus for Exxon Mobil. Renovations are expected to begin immediately.
