NexPoint, a multibillion-dollar alternative investment firm, has announced plans for TxS District, a proposed 200-acre life sciences development in Plano, Texas.
The project, named to signify "Technology x Science," is designed to foster innovation and collaboration among companies and institutions across the life science sector.
The project centres on the 91-acre main campus, which previously served as headquarters for Electronic Data Systems (EDS). The district would incorporate 109 additional acres in the Legacy neighbourhood. In total, the project would create over 4 million square feet of lab, office, and therapeutic production space across four phases of construction.
Co-locating research alongside production is crucial for new technologies and nimble solutions
- Eric Danielson, Senior Director of Business Development for CRB
Phases one and two propose transforming two existing buildings on the main campus into 970,000 sqft of world-class lab and office space and 120,000 sqft of amenity space. Initial site improvement plans also include a public park, an amphitheatre, and connectivity to the nearby Legacy retail development.
NexPoint believes the proposed project can be achieved through a public-private partnership. The firm is engaging with the City of Plano about NexPoint's development plans and the project's impact on the surrounding area.
Working with experts
NexPoint is collaborating with CRB, a global provider of sustainable engineering, architecture, construction, and consulting solutions to the life sciences industry, to provide architectural and engineering services throughout the four proposed phases of construction.
"Co-locating research alongside production is crucial for new technologies and nimble solutions," said Eric Danielson, Senior Director of Business Development for CRB. "NexPoint's project would do so sustainably, by transforming the large, well located and well-featured campus into a vibrant facility that will benefit all tenants. We are excited to help bring this vision to life."
NexPoint engaged JLL as the project's leasing agent. JLL has a dedicated life sciences team that works across the country and has been involved in the development of some of the top life sciences ecosystems in the US.
"The TxS project would be unique in its ability to support life science companies at any point in the process: discovery, early-stage development, and commercialisation," said JLL's Matt Daniels. "With cutting-edge research facilities and new federal policies promoting the repatriation of drug manufacturing, and a tight labour market in coastal life science hubs, Plano is poised to become a top choice for companies seeking expansion and solutions."
The history of the project
NexPoint purchased the main campus in 2018 and has been acquiring the additional acreage since then. The firm has been involved in several life science deals including its investment in IQHQ, a life science REIT that operates in life science clusters on the East and West Coasts.
TxS District would be an integral part of NexPoint's planned growth within life sciences. In addition to life science real estate, NexPoint is making direct investments in biotech companies and other public and private healthcare businesses through its corporate credit and equities group.
"NexPoint is positioned to be a leader in the life science space," said Dondero. "Through TxS District and other ventures, we plan to continue to grow our life science business across the NexPoint platform."