Hines & Cousins Ready to Break Ground on Victory Center in Dallas

In a partnership that was first revealed in 2014, Hines and Cousins Properties have teamed to develop a 23-story office tower in Dallas' Victory Park project, and this week said they would be moving forward to break ground on the project. Hines and Cousins previously partnered on the development of One Ninety One Peachtree Tower in Atlanta, a 1.2 million-square-foot, 50-story office tower that was completed in 1990. The new tower, designed by Duda|Paine Architects, is expected to take 23 months to construct.

"Together with our partner, Cousins, we own the land and we have fully designed the building," Rob Witte, a senior managing director for Hines' southwest region, told the Dallas Business Journal."We are out in the marketplace with our brokers working to secure tenants and we have several strong prospects."

"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," Larry Gellerstedt, president and chief executive officer of Cousins Properties, said in a statement.

The 466,000-square-foot office and retail tower, known as Victory Center, will be located just north of Hines' One Victory Park, which was completed in 2008 and sold last month to New York-based Clarion Partners in a deal estimated at more than $170 million. Thad Ellis, a senior vice president and market leader for Hines in Dallas, previously said the company would like to land a large tenant — one in the 150,000-square-foot to 200,000-square-foot range — before breaking ground on the tower. Cushman & Wakefield are leasing the building on behalf of Hines and Cousins, with HFF acting as financial advisor on the project.

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