Following the robust success of Pegasus Park’s initial investment, more private lab space is on the way to what has become the region’s life sciences and biotech epicenter. The 26-acre campus is adding Bridge Labs, 135,000 square feet of purpose-built research and development space to support established life sciences companies.
Pegasus Park is a 750,000-square-foot campus that was renovated in 2020 and includes biotech and life sciences clients, a social impact hub with dozens of nonprofits called the Water Cooler, 16,000 square feet of flexible meeting space, commercial tenants, and entertainment and dining venues. The development also has rights for an additional million square feet of development. It is in the running to be a national headquarters for the Advanced Research Projects Agency for Health (ARPA-H). This new government agency will support the development of high-risk, high-reward biomedical and health research to drive breakthrough solutions and real-world impact.
Bridge Labs will occupy the space adjacent to BioLabs, the key operator of the development’s 37,000 square-foot co-working laboratory and office facility for life science startups and has a flexible lab, training, and office space, six private labs, 90 open benches, workstations, lab space, conference rooms, tissue culture suites, a microbiology suite, and other standard lab equipment. BioLabs has experienced more significant than expected demand for its space since its launch last year. Bridge Labs will provide support for the next step in a life science company’s development, as its name implies.
Bridge Labs is the brainchild of J. Small Investments, Montgomery Street Partners, and an affiliate of Lyda Hill Philanthropies. With the support of the Dallas City Council, which approved tax abatements this month, it will be the region’s first institutional-quality, non-incubator space with top-of-the-line infrastructure, amenities, and shared spaces.
“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.”
The project will include the renovation of two existing and adjoining buildings at Pegasus Park, and demolition is already underway. Already one of CBRE’s emerging markets for life sciences and biotech, Dallas will benefit from an added surge of talent, capital, high-paying careers, and access to the innovations developed on campus.
“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 healthcare companies and institutions to the region.”
Perkins + Will is designing the development, and Swinerton will be the contractor with support from Project Management Advisors. JLL will be the leasing agent for Bridge Labs, which is set to be completed by the middle of next year.
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