Office Tower Trades Near Downtown Dallas
- Jul 29, 2016
By Scott Baltic, Contributing Editor
Dallas—Clarion Partners, on behalf of a commingled fund advised by the firm, has purchased a Class A office building in downtown Dallas, from Hines and its partner, UST XVI, a German investment fund managed by Estein & Associates USA, Hines announced Wednesday. The financials on the transaction were not disclosed.
One Victory Park is a 17-story, 436,253-square-foot office building and an office anchor in the 75-acre Victory Park mixed-use development. The tower reportedly is a short walk from the American Airlines Center, the W Dallas – Victory Hotel, restaurants, retail, and more than 1,700 multifamily units. The LEED Silver certified building was completed in October 2008 and currently is 95 percent leased. Amenities include a fitness center, conference center, 24/7 staffed security and a six-story parking structure.
Tenants include Ernst & Young, international corporate law firm Haynes and Boone LLP, Plains Capital Corp., and HFF.
Hines was advised by HFF on the transaction, and Hines will remain the building’s property manager.
“There has been significant progress in the retail area in Victory Park, which we believe made this building a very attractive asset for such high-quality buyers as Clarion,” Lance Fair, COO of Estein & Associates and vice president of Victory Park, said in a prepared statement.
In May, Victory Park announced that Rebees, a new company associated with Dallas entrepreneur Tristan Simon, will develop and operate a new 6,000-square-foot restaurant concept, a 4,000-square-foot retail emporium focusing on locally made goods, and a new 14,000-square-foot co-working office space concept that will include a 3,500-square-foot cafe. All three ventures reportedly will open in the second half of 2017.
And in June, a Nardos Design boutique opened on Victory Park Lane. The boutique offers designer Nardos Imam’s bridal, evening wear and cocktail collections.
Plenty more is in the pipeline at Victory Park. On the office side, Hines will be developing another office building, adjacent to One Victory Park. Victory Center will be a 22-story, 455,000-square-foot tower, designed by Duda/Paine Architects.
Construction is underway on a multi-level mixed-use building that will include an eight-screen, 750-seat movie theater; 285 apartments; and 20,000 square feet of ground-floor retail.
Also under way is a parking garage across from the W Dallas – Victory Hotel that will also feature 22,000 square feet of retail and restaurant space.