An Oklahoma bank has provided funding to develop a new laboratory complex at the Pegasus Park Life Sciences Campus in Dallas.
Interbank funded the construction of a new Bridge Lab building at Pegasus Park on Stemmons Freeway northwest of downtown. The 135,000 square foot project includes redevelopment of existing space and construction of a new building.
Pegasus Park is a project of J. Small Investments of Dallas, an affiliate of Lyda Hill Philanthropies and Montgomery Street Partners.
The campus was recently selected as one of three U.S. sites for a $2.5 billion federal biotechnology research institute.
Jones Lang LaSalle Capital Markets arranged the financing for Bridge Lab. Interbank provided a five-year construction loan totaling more than $61.3 million, according to county records.
“This groundbreaking initiative is an opportunity to leverage our support for important community and national priorities,” InterBank President and Chief Operating Officer CK Lee said in a statement. Stated. “The work being done here will have a huge impact, and Interbank is proud to play our part.”
New York-based Nuveen Green Capital also provided funding for the project.
“As someone who grew up in Dallas, and given its rich history, it is extremely exciting to be a part of the Pegasus Park project,” said Sean Ribble, senior director of originations at Nuveen Green Capital, in a statement. ” he said. “We are proud to help Nuveen Green Capital fund this first-of-its-kind life sciences development project.”
The Bridge Labs development includes the conversion and expansion of a former call center building, including a new lab speculation suite and centralized lab services. The development is scheduled to open late next year and is already 30% leased.
JLL's Jim Curtin and Andrew Gray, and Jason Pearing, now at Hamilton Partners, handled the financing.
The 26-acre Pegasus Park office and research center once housed the offices of Zeal Corporation and Mobil Oil Company. J Small Investments bought the vacant building in 2015 and began redeveloping it three years ago.
The 18-story central building is leased to tenants including Southern Methodist University's Institute for Computational Life Sciences, UT Southwestern Medical Center, Health Wildcatters, Tayshia Gene Therapies and Massachusetts-based BioLab. We also rent office space to non-profit organizations.
Hall Structured Finance, a division of Dallas' Hall Group, also provided financing for Pegasus Park earlier this year.
