Life science redevelopment within a thriving new biotech-focused campus in Dallas, recognized as one of the top emerging life science markets.
Project overview
Bridge Labs at Pegasus Park will be a redeveloped, state-of-the-art life science asset, located within the dynamic, future-focused campus of Pegasus Park, less than 15 minutes from downtown Dallas, TX. The Sponsor, Montgomery Street Partners, benefits from the strategic partnership with Lyda Hill Philanthropies ("LHP"), whose affiliate is an investor in the campus partnership and will be a limited partner in Bridge Labs at Pegasus Park. The LHP team has extensive life science experience and strong ties to venture capital firms within the North Texas ecosystem. Bridge Labs will be a 135,000 SF purpose-built asset that will be the region's first institutional-quality, non-incubator space with top-of-the-line infrastructure, amenities, and shared spaces. Situated adjacent to BioLabs, the premier coworking incubator space for life science startups that selected Dallas as its first non-coastal/gateway market, Bridge Labs will seek to capture the outflow of companies seeking more space upon "graduating" from the incubator or fleeing the coastal hubs in search of emerging science ecosystems and more cost-effective lease opportunities. Dallas has been recognized as a top three emerging life science hub and Bridge Labs will seek to take advantage of filling the void of a lack of available space in the fast-growing market.
Project breakdown
TYPE
Life Science - Lab/R&D
Why this project?
- We believe the burgeoning Dallas life science market is emerging as a leading centrally located life science hub, offering cheaper rents than the coastal markets and an educated workforce stemming from multiple major research universities.
- Bridge Labs is uniquely well-positioned, in our view, within thriving Pegasus Park and adjacent to BioLabs, the premier national life science incubator platform.
- The strong pre-leasing activity - about 30% of Bridge Labs has already been signed for - gives us conviction in the pent-up demand for modern lab space in Dallas.
Why this sponsor?
- Montgomery Street Partners' past experience with multiple life science real estate projects prepares them to spearhead this dynamic opportunity, in our view.
- The project leadership group - including MSP and J. Small Investments as general partners - will have invested about $21 million in Pegasus Park once Bridge Labs is completed, which reflects their conviction in the project and alignment of interests with investors.
- Montgomery Street Partners' strategic partnership with Lyda Hill Philanthropies (LHP) is a key component to the Project in our view, as LHP has made significant financial investments in Pegasus Park and is actively supporting the campus through strong ties to the local venture capital and life sciences ecosystem.
