News Article | 7/7/2005

Hillwood teams with Hines on Dallas office tower

Dallas’ Hillwood Development Corporation has teamed up with Houston-based Hines International to announce the pending addition of a new tower to the Dallas skyline.

As a part of a large mixed-use urban development, Hillwood and Hines have begun construction on One Victory Park, an 18-story office building that will be located in the southern part of Victory Park – a 75-acre development near downtown Dallas.

According to Hillwood, One Victory Park is the first phase in a two-phase, two-building office complex that will eventually offer 800,000 square feet of office space. The complex will be located within Victory Park, which will also include an urban park, park-side restaurants and high-end urban residential, boutique retail and Texas’ first W Hotel, which is a worldwide luxury hotel chain.

Hillwood has also announced plans to construct eight additional buildings within the Victory development. Completion dates for the eight buildings — ranging in use from office to retail and residential — are set between 2006 and 2008. A one-acre public park will be located near the center of the development. When Victory Park is complete, the complex will offer 70 million square feet of high-density developments, including the new American Airlines Center, which is the home arena for the Dallas Mavericks basketball team and the National Hockey League’s Dallas Stars.

“Victory Park’s unique mix of urban residences, restaurants, shops and the W Hotel finally gives office users a real tool to use in recruiting and retaining the most desirable associates who demand to live and work in an urban environment,” said David Hicks, senior vice president of Hillwood Capital.

Victory, owned by Hillwood and Hicks Holding, is a $3 billion urban district adjacent to the Dallas central business district and Uptown.

Hicks will be in charge of leasing at the new office complex.

Ross Perot Jr., chairman and founder of Hillwood Development Corporation, said Hines is the perfect partner for his company. He said the planned offices at Victory Park offer an ideal opportunity for the two companies to work hand-in-hand.

“Their experience and resources will help us create one of the world’s most dynamic urban districts” Perot said.