IRVING, TEXAS (April 24, 2024) — Hillwood, a Perot company, announces the acquisition of the Freeport Business Center, a Class A, three-building office portfolio within the Las Colinas/Freeport submarket in Irving, Texas. The portfolio encompasses 34 acres, over 383,000 rentable square feet (RSF) and includes Freeport Business Center I, II, and III located along Freeport Parkway and equidistant from Interstate 635 and State Highway 114.
The portfolio boasts a 70% occupancy rate, with space available for lease ranging from 26,406 to 82,500 square feet. Notable tenants include Northrop Grumman Corporation, Yardi Systems, SiriusXM, and most recently Boeing.
Additionally, with over $6.5 million recently invested in capital improvements, the Freeport Business Center is poised to offer enhanced employee amenities, retaining a competitive advantage in the market. Improvements include extensive lobby renovations, window upgrades, landscaping, and updated building operation systems. An on-site, full-service café also services all customers within the portfolio.
Steve Aldrich, senior vice president of Hillwood, stated, “Hillwood’s decision to acquire the Freeport portfolio is a strategic move to obtain well located, quality real estate in infill locations around North Texas. Its prime location, coupled with its proximity to DFW International Airport and several major highways, positions it as a highly desirable destination for businesses seeking exceptional connectivity and access to an abundant and talented workforce.”
Strategically situated just five minutes from DFW International Airport, the third-busiest airport globally, and near Interstate 635 and State Highway 114, the Freeport Business Center offers unparalleled accessibility to key transportation arteries and amenities such as the nearby Cypress Waters Development, the Las Colinas Urban Center, and the Toyota Music Factory. Additionally, the area benefits from a highly skilled and well-educated labor pool, with 3.3 million residents within a 30-minute radius, over 70% of whom have an Associate’s degree or higher.
Hillwood’s investment in Fort Worth and throughout the DFW metroplex began 35 years ago with the development of Perot Field Fort Worth Alliance Airport. Today, the AllianceTexas development has transformed the North Texas economy and connected the area to global industry. The mixed-use development spans 27,000 acres with over 575 companies and has generated $120 billion in regional economic impact and 66,000 direct jobs.
Additionally, Hillwood developed Victory in Dallas, another urban renewal development project anchored by American Airlines Center. The Victory district’s value has grown from $16 million in 1998 to over $2.4 billion, with 7.5 million square feet constructed to date.
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About Hillwood
Hillwood, a Perot company, is a top industrial, commercial, and residential real estate developer and manager with projects throughout North America and Europe. With a diverse portfolio of projects that have become home to many of the world’s leading companies, Hillwood is committed to bringing long-term value to our customers, partners and the communities we serve. Most notably, the 27,000-acre master-planned, mixed-use AllianceTexas development in North Fort Worth has generated over $111 billion in regional economic impact since 1989. Hillwood also served as the lead developer of marquee projects nationwide, from the Air Force Memorial in Washington, D.C. to the Perot Museum of Nature and Science and the American Airlines Center in Dallas. For additional information, please visit www.hillwood.com.