Wednesday, August 10, 2016

Developer Hines ready to break ground on Victory Park tower

Hines plans to build the office tower on Stemmons Freeway in Victory Park. 
Just because it's sold two downtown buildings, don't think Houston developer Hines is exiting the Dallas office market.
The commercial real estate firm said Tuesday it still plans to build an office high-rise in Victory Park on the northwest corner of downtown. The developer first has to round up lead business tenants.
Last week, Hines sold the 55-story Chase Tower on Ross Avenue to New York-based Fortis Property Group. The $285 million skyscraper deal will be one of the largest property transactions in North Texas this year.
"Hines has enjoyed its involvement with this iconic property in the Dallas central business district, and we look forward to committing more capital to the Dallas-Fort Worth area," Hines Senior Managing Director Rob Witte said Tuesday in a statement.
Last month, a partnership headed by Hines also sold the 17-story One Victory Park tower to New York-based Clarion Partners in a deal estimated at more than $170 million.
Hines and developer Cousins Properties plan to build a 23-story office building called Victory Center. The high-rise is slated for a vacant site next door to One Victory Park.
"We continue to search for other investment opportunities in the area, including Victory Center, our 455,000-square-foot office tower which is ready to break ground."
Hines is still hunting tenants for the project.
It's been almost two years since Hines and Cousins announced plans for the office high-rise, which was designed by Duda/Paine Architects.
Four towers are under construction at Victory Park. All of them are residential buildings.
Written by Steve Brown/Dallas Morning News