Key facts
- Hillwood Urban is exploring options for its Victory Commons One office tower in Dallas.
- The tower is located at 2601 Victory Ave. and is 364,000 square feet.
- Monetization options include sale, refinancing, restructuring, or partnership.
- The building is 93% leased with a weighted average lease term of 12.2 years.
- Scotiabank and Lockton are major tenants in the building.
Hillwood Urban is exploring strategic options for its Victory Commons One office tower, a prominent building located in Dallas' financial district at 2601 Victory Ave. The firm has engaged JLL to advise on potential avenues, which include a sale of the 364,000-square-foot property, refinancing, financial restructuring, or bringing in a new partner.
Victory Commons One, a four-year-old, 15-story building, boasts a high occupancy rate of 93% and a substantial weighted average lease term of 12.2 years. Notable tenants include Scotiabank, which recently secured 100,000 square feet to establish a regional hub with plans to invest $60 million and employ 1,000 people, and insurance brokerage Lockton.
The property, developed by Hillwood Urban in partnership with Affinius Capital, features amenities such as a 1-acre landscaped park and a 5,000-square-foot sky garden offering views of the Dallas skyline. It is situated near the American Airlines Center and in the heart of the Y'all Street area, which is experiencing significant growth in the financial sector.
Dallas is increasingly attracting major financial institutions, partly due to the planned launch of the Texas Stock Exchange. Existing exchanges like the NYSE and Nasdaq have also established regional presences in the city. Furthermore, financial giants such as Goldman Sachs are investing heavily in new office campuses, and Morgan Stanley is considering a major high-rise development, which has received city council approval for incentives. Other developers, like Stonelake Capital Partners, are also planning new speculative office towers in the vicinity.