JLL Capital Markets has arranged financing for the redevelopment of Bridge Labs at Pegasus Park, a 135,000-square-foot life sciences/lab facility in Dallas, Texas.
JLL worked on behalf of the borrower, Montgomery Street Partners, J. Small Investments and an affiliate of Lyda Hill Philanthropies, to secure a five-year construction loan through InterBank. Additionally, JLL placed C-PACE financing with Nuveen Green Capital to complete the capital requirements for the redevelopment.
Formerly a call center, Bridge Labs is a two-story building that will be converted and expanded into a lab/R&D facility by Q3 2024, including pre-built lab spec suites and centralized lab services/amenities. This represents the first life sciences development or conversion transaction in the Dallas market and will address the urgent need for lab space in Dallas Fort Worth. Bridge Labs at Pegasus Park is already 30% pre-leased.
The property is located within Pegasus Park, Dallas’ first true biotech and life sciences campus positioned between Dallas’ Design District and the Southwestern Medical District. The campus is highly amenitized, offering tenants access to a brewery with arestaurant, and taproom, full service on-site conference center and catering, grab-and-go options, a fitness center, outdoor firepits and an indoor/outdoor lounge. The park is home to several existing academic anchors, including UT Southwestern and SMU, as well as BioLab’s first non-coastal location. Additionally, the Advanced Research Projects Agency for Health (ARPA-H) announced the launch of ARPANET-H, a national health innovation network anchored by three regional hubs. As part of the $2.5 billion initiative, the Customer Experience hub will be physically located at Pegasus Park and focus on patient access and diversity for the agency’s projects. While the other two hubs will be located in Cambridge, Massachusetts, and Washington D.C., selection of Texas firmly cements the region as an emerging life sciences market.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jim Curtin and Senior Director Andrew Gray. Jason Piering, formerly with JLL and now with Hamilton Partners team was also part of the financing team.