(HOUSTON) — Hines, the international real estate firm, and its partner, UST XVI, a German investment fund managed by Estein & Associates USA, Ltd, announced today that they have closed on the sale of One Victory Park in Dallas to Clarion Partners, LLC. Clarion acquired the property on behalf of a commingled fund advised by the firm. Financial information related to the transaction was not disclosed. Hines was advised by HFF on the transaction, and Hines will retain property management services of the asset.
One Victory Park is a 17-story, 436,253-square-foot office building located in the Victory Park district of downtown Dallas. As an office anchor within the 75-acre mixed-use development, One Victory Park is a short walk from the American Airlines Center, the W Dallas – Victory Hotel, restaurants, retail and more than 1,700 multifamily units. In addition, thanks to the redevelopment efforts currently underway at Victory Park, the district soon will include over 300,000 square feet of walkable, ground-level retail and 4,500 multifamily units – making it one of the most vibrant areas in the city. The building was completed in October 2008 and is 95 percent leased.
“One Victory Park is a high-quality, well-designed, well-tenanted office building in an expanding submarket of a vibrant city,” commented Brian Watkins, managing director and the lead acquisition officer for the transaction. “We are very pleased to add this asset to our portfolio.”
Hines Managing Director Drew Steffen said, “We have enjoyed executing our investment strategy for this property. Although we're very proud of the building we developed, we decided that this was a good time to sell the asset.”
Lance Fair, chief operating officer of Estein & Associates and vice president of Victory Park said, “We are very pleased with our partnership with Hines and the outcome of this sale process. There has been significant progress in the retail area in Victory Park, which we believe made this building a very attractive asset for such high-quality buyers as Clarion.”
Victory Park is a 75-acre mixed-use development in downtown Dallas surrounding the American Airlines Center, home of the Dallas Mavericks and Dallas Stars. Victory Park features more than 160,000 square feet of retail, restaurant and entertainment space; 621,000 square feet of Class A office space; the 252-room W Dallas – Victory Hotel; more than 1,700 residential units; and the Perot Museum of Nature & Science. Victory Station provides access to DART Light Rail and the Trinity Railway Express. The popular 3.5-mile jogging and bicycle path, The Katy Trail, is also directly accessible. Victory Park is a property of UST XVI Victory Park, a German real estate investment fund managed by affiliates of Estein & Associates USA, Ltd. based in Orlando, Florida. UST XVI became an equity owner of Victory Park in 2005 and the sole owner of the majority of the Victory Park buildings in 2009. For more information about Victory Park visit victorypark.com. Connect with Victory Park on Twitter @VPDallas and at facebook.com/dallasvictorypark.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 182 cities in 20 countries. Hines has $89.1 billion of assets under management, including $42.5 billion for which Hines provides fiduciary investment management services, and $46.6 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Since its founding, Hines has developed, redeveloped or acquired 1,126 properties, totaling over 351 million square feet. The firm’s current property and asset management portfolio includes 457 properties, representing over 193 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
Clarion Partners, an SEC registered investment adviser, FCA authorized manager and FINRA member firm, has been a leading U.S. real estate investment manager for more than 34 years. Headquartered in New York, the firm has offices in Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle and Washington, DC. With more than $41 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.