DALLAS – Hines, the Houston-based real estate firm, and Cousins Properties, the Atlanta-based REIT, have formed a joint venture to develop the Victory Center office tower in the Uptown Dallas submarket.
Designed by Duda/Paine Architects, Victory Center will be a 23-story, trophy office tower with approximately 466,000 rentable square feet of office and retail space and is expected to achieve LEED Gold designation. The 2.94-acre, fully entitled site is under contract, and Hines and Cousins expect to commence construction in mid-2015.
Hines and Cousins previously partnered on the development of One Ninety One Peachtree Tower in Atlanta. The 1.2 million-square-foot, 50-story office tower was completed in 1990. Hines Southwest Regional CEO Mark Cover stated, “We are very excited about the opportunity to partner with Cousins again. They have a wonderful reputation for developing and owning best-in-class office towers. We look forward to leveraging the very best that our firms have to offer in the development of Victory Center.”
“We are thrilled to once again partner with Hines, a true global leader in office development,” said Larry Gellerstedt, president and chief executive officer of Cousins. “Our organizations share very similar cultural values and highly complementary skillsets. Victory Center will be an excellent addition to the thriving Uptown Dallas office market, and we couldn’t be more excited to be a part of the transformation occurring at Victory Park.”
Victory Center will be located just north of Hines’ One Victory Park office development which was delivered in 2008 and is currently 93 percent leased.
Bill Brokaw, Cynthia Cowen and Mark Dickenson of Cushman & Wakefield will lease Victory Center on behalf of Hines and Cousins.
In 2013, Cousins purchased Greenway Plaza 4.4 million square foot 10-building office complex in Houston. Cousins recently developed Colorado Tower, a 373,000-sf office building in downtown Austin and broke ground on Research Park V, a $44 million project in northwest Austin.
Hines’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,317 properties representing more than 541 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 391 properties totaling 161 million square feet, which includes 89.1 million square feet for third parties. With offices in 115 cities in 18 countries, and controlled assets valued at approximately $28.2 billion, Hines is one of the largest real estate organizations in the world.