Balerion Space Ventures, a Dallas-based venture capital firm that focuses on space and defense technology companies, is moving into a new headquarters at the Old Parkland business campus in Oak Lawn.

The roughly four-year-old investment firm chose to move to the historic site in part because of its emergence as a new local finance hub, Balerion general partner Phil Scully said in a statement earlier this week that announced the move.

“Old Parkland is where serious capital calls home,” Scully said. “As we grow our portfolio of companies defining the future of space and national security, being part of the campus reinforces our conviction that the deepest relationships in venture are built face-to-face.”

It was unclear exactly when the firm planned to begin its tenancy, and the firm did not respond to an inquiry from The Dallas Morning News.

Balerion was founded in 2022, according to the market intelligence platform CB Insights, and has invested in more than a dozen companies — including space, defense and AI-focused startups. The firm has also recently hired a new CFO and is nearing the close of a $200 million fund target, the release noted.

The raise comes as the broader space economy — which includes everything from satellite networks to rockets to potential asteroid mining — has also been booming, thanks to a recent surge of interest from both the private sector and national governments, which are increasingly focused on space for defense and commercial purposes.

In 2023, the global space economy was valued at $630 billion, according to estimates cited by the Brookings Institution, and the figure projected to reach $1.8 trillion by 2035. Corporate valuations related to the sector, accordingly, have also been hot: One prominent exchange traded fund, ARK’s Space & Defense Innovation ETF, was up 80% over the past year as of Friday. Another, Procure Investments’ Space exchange-traded fund (ETF), was up 135%.  

Old Parkland, a site that’s now designated as a historic landmark, first went up as a teaching hospital in the late 19th century and was bought by the development firm Crow Holdings in 2006, which moved its own headquarters to the site and began a major renovation.

More recently the business campus has emerged as a significant location for Dallas’ growing finance industry, attracting various businesses. The campus also got a major shot in the arm last August, when NYSE Texas — one of the three stock exchanges setting up shop in the area — announced it would be locating its headquarters at the site.