July 08, 2019

Hillwood, USAA team up on Victory Park office tower

Construction begins this week on the new 15-story, 365,000-square-foot Victory Commons building in Victory Park. The project, designed by BOKA Powell, is a partnership between Hillwood Urban and USAA Real Estate.

DALLAS NEWS: Hillwood, USAA team up on Victory Park office tower
By Steve Brown, Real Estate Editor

Construction is kicking off this week on the first new office project in more than a decade in Dallas’ Victory Park development.

Hillwood Urban and USAA Real Estate are teaming up to develop the 15-story, 365,000-square-foot Victory Commons building on Victory Avenue across from the American Airlines Center arena.

The office project is next door to DART’s Victory Park commuter rail station and a new one-acre public plaza.

Dallas architect BOKA Powell designed the project, which includes a rooftop terrace.

The brick and glass high-rise will have views of downtown and backs up to Stemmons Freeway.

“This project represents exactly what today’s tenants are looking for,” said Ken Reese, Hillwood Urban’s Executive Vice President, said in a statement. “It has a great contemporary design with a number of innovative features, and it’s located right in the heart of Dallas directly adjacent to a new urban plaza and the only DART station in Uptown.”

Construction of the project is set for completion in Fall 2021.

Hillwood has been working on the development for more than a year. The office building is located on an 8.5-acre property that is one of the last available building sites in Victory Park.

HFF arranged the funding for Victory Commons with construction financing provided through QuadReal, a Canada-based real estate investment group.

Victory Commons is the first major office project in Victory Park since the 17-story One Victory Park tower opened in 2008.

The 75-acre mixed-use development on the northwest edge of downtown Dallas was started two decades ago, and now includes more than 3,200 apartments and condos, about 620,000 square feet of office space, 225,000 square feet of retail and the 250-room W Hotel.

Hillwood’s Victory Commons building is one of several new office projects in the works for the area north of downtown.

The two newest office towers in the Uptown area – the Union and Park District’s PwC Tower – are almost fully leased.

Along with Hillwood, other developers working on office projects in the neighborhood include Kaizen Development Partners and KDC.