J. Small Investments has announced that UT Southwestern Medical Center has signed an 180,000 square-foot lease at their visionary project, Pegasus Park.
UT Southwestern is a public academic health science center in Dallas and is the largest medical school in the University of Texas System and Texas with approximately 20,000 employees, more than 2,700 full-time faculty, and more than $524 million in funded research projects per year.
UT Southwestern operations will occupy six floors at the Pegasus Park campus in the tower building.
Being developed as a life sciences hub for North Texas, Pegasus Park is a 23-acre, mixed-use collaborative ecosystem and office campus designed to bolster local biotech, social impact and corporate innovation.
The development will feature four components – commercial tenants, a biotech “plus” hub, a social impact hub, and entertainment/dining venues. Construction is underway in transforming the former oil industry campus into a future-focused center and is scheduled to open in mid-2021.
“Pegasus Park offers a convenient location in the heart of Dallas’ new Biotech Hub for UTSW to bring together operations including technology development that support our expanding clinical care, education and research missions,” said Marc A. Nivet, Ed.D., MBA, executive vice president for Institutional Advancement at UT Southwestern.
Pegasus Park is located at 3000 Pegasus Park Drive, minutes from the medical district and downtown Dallas.
“We are excited to have UT Southwestern as a tenant at Pegasus Park,” said Steve Davis, president of J. Small Investments. “We know the synergy of having this premier health care system’s presence will elevate the campus and its tenants to an exemplary and nationally recognized status.”
The Pegasus Park campus currently consists of more than 750,000 square feet across multiple buildings, including an 18-story office tower. Originally constructed for Zale Corporation in 1970, it was bought by the former Mobil Oil Corporation in 1981. After being near vacant for more than a decade, J. Small Investments purchased the campus in 2015 from ExxonMobil Oil Corporation.
“Our ability to attract and grow tech talent is one of the Dallas region’s most important drivers for our unprecedented economic growth,” said Dale Petroskey, president and CEO of the Dallas Regional Chamber.” The addition of a world-renowned medical institution like UT Southwestern to Pegasus Park is exciting news and will help make us even more competitive globally as we continue to generate a significant number of high-paying technical jobs to the Dallas region. We are so excited about Pegasus Park and their growth as a hub for cutting-edge healthcare.”
Dallas City Council Member Omar Narvaez said Pegasus Park will help retain intellectual talent.
“For many years Dallas has seen our local scientists and researchers move to the east and west coasts to launch their businesses. With UT Southwestern and other nationally prominent medical and tech organizations moving to this ambitious development, Dallas and West Dallas will experience a surge in economic growth and bring STEM job opportunities to our community. I am thrilled to watch Dallas become nationally competitive in the biotech space in my district,” Narvaez said.
In response to current and future pandemic or public health crises, both the interior and exterior areas of Pegasus Park will be designed with flexibility to accommodate social-distancing, high-level cleaning protocols, and a technology infrastructure built for the future to create a secure environment that protects tenants and visitors.
The Pegasus Park campus is scheduled to open in mid-2021.
The project architect is GFF and the general contractor is Scott + Reid.