Friday, February 06, 2015

Hines, Cousins Properties to develop Victory Park tower

Houston-based developer Hines, along with Atlanta-based Cousins Properties Inc. (NYSE: CUZ), has formed a joint venture to develop a 23-story office and retail tower in Uptown Dallas.


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The new tower will feature a number of amenities for new tenants, such as an on-site restaurant and cafe, rooftop terrace and fitness center.The 466,000-square-foot office and retail tower, known as Victory Center, will sit on a 2.94-acres site that is under contract, with plans to begin construction in mid-2015.


This isn't the first time these two firms have partnered up on a development. In 1990, the firms completed One Ninety One Peachtree Tower, a 1.2 million-square-foot, 50-story office tower in Atlanta.

That previous partnership has the two firms eager to begin Victory Center, said Hines Southwest Regional CEO Mark Clover.

"We look forward to leveraging the very best that our firms have to offer in the development of Victory Center," Clover said, in a statement.

Cousins President and CEO Larry Gellerstedt agreed, saying the firms complimentary skill sets will help this portion of Victory Park. The new tower will be located just north of Hines' One Victory Park, which was completed in 2008.

One Victory Park is 93 percent leased, which is greater than the Dallas-Fort Worth market average occupancy rate. The new tower will feature a number of amenities for new tenants, such as an on-site restaurant and cafe, rooftop terrace and fitness center.

Bill Brokaw, Cynthia Cowen and Mark Dickenson of Cushman & Wakefield of Texas Inc. will lease Victory Center on behalf of the landlord partnership. TBG is the landscape architect on the project.

HFF was the exclusive financial advisor on the new Victory Park development.


Candace Carlisle, Dallas Business Journal