DALLAS, May 18, 2023 /PRNewswire/ — NexPoint, a multibillion-dollar alternative investment firm, today announced that its cutting-edge life sciences real estate project known as the “TxS District,” a proposed 200-acre development in Plano, Texas, has been renamed the “Texas Research Quarter.”
Originally signifying “Technology x Science,” the new Texas Research Quarter (“TRQ”) name was chosen to better reflect the commitment to innovation and collaboration among companies and organizations across the life science sector. This focus echoes and complements NexPoint’s own ongoing initiatives to further support and foster real estate development on behalf of the life sciences industry across the U.S.
“The new TRQ moniker reflects the scope and scale of the project,” said Frank Zaccanelli, president of NexPoint Development Company, the development arm of NexPoint’s real estate platform. “It has the potential to put Texas on the map in life sciences, while serving as a major catalyst for economic development in the region.”
The TRQ is centered around a 91-acre main campus, which was acquired by NexPoint in 2018 and previously served as the headquarters for Electronic Data Systems. The proposed project will incorporate 109 additional acres in the Legacy neighborhood. In total, the TRQ is expected to create over four million square feet of lab, office, and therapeutic production space across four phases of construction. The project will also have a significant impact on the local economy as it will generate nearly $3.8 billion in gross product and 38,405 job-years of employment in the Dallas-Fort Worth area.1
The TRQ is an integral part of NexPoint’s continued push into real estate development in support of the life sciences industry. The firm has made numerous direct investments in biotech companies and other public and private healthcare businesses through its corporate credit and equities group and has been involved in other real estate transactions, including its investment in life science clusters on the East and West Coasts.
For more information about the TRQ, please visit nexpoint.com/trq-coming-soon.
NexPoint is a multibillion-dollar alternative investment firm comprised of a group of investment advisers and sponsors, a broker-dealer, and a suite of related investment vehicles. NexPoint provides differentiated access to alternatives through a range of investment solutions, including public and private real estate investment trusts, tax-advantaged real estate vehicles, merger arbitrage and event driven strategies, other private real estate investments, closed-end funds, interval funds, and a business development company. NexPoint is based in Dallas, Texas and is part of a network of affiliates with expertise across the asset management and financial services spaces. For more information visit nexpoint.com.
This press release contains forward-looking statements. These statements reflect the current views of management with respect to future events and financial performance. Forward-looking statements can be identified by words such as “anticipate”, “expect”, “could,” “may”, “potential”, “will”, “ability,” “targets,” “believe,” “likely,” “assumes,” “ensuring,” “available,” “optionality,” “viability,” “maintain,” “consistent,” “pace,” “should,” “emerging,” “driving,” “looking to,” and similar statements of a future or forward-looking nature. Forward-looking statements address matters that involve risks and uncertainties.
Prosek Partners for NexPoint
1 Source: “A New Legacy: The Potential Economic and Fiscal Impact of The Texas Research Quarter,” The Perryman Group, May 2023.