Hillwood knows a solid asset when it sees one. That’s why when Apollo Global Real Estate and Vanderbilt Office Properties put together a partnership to acquire The Towers at Williams Square in Las Colinas, Hillwood got in on the action, too. Not only was it the largest DFW office property sale of 2015, but the $330 million transaction is among the biggest office sales on record.
Known for its granite-paved plaza and massive bronze sculpture of wild mustangs galloping through a stream, The Towers at Williams Square is one of the most recognizable office developments in Texas. The 1.4 million-square-foot, four-building complex was once honored by the Building Owners and Managers Association with the group’s prestigious “International Building of the Year” award.
At the time of the sale, The Towers at Williams square was 98 percent leased, mostly to investment-grade tenants like Flowserve Corp. and Accenture. It’s now being managed by Vanderbilt, with Hillwood Urban taking over leasing. Bill Brokaw, senior vice president, says the plan going forward is just more of the same: “The ownership is extremely focused on maintaining Williams Square as a best-in-class asset.”
The property was marketed by Dallas-based HFF, which also helped secure financing.
FINALISTS
Galleria Office Towers, which was acquired by CBRE Investors from Cannon Commercial. Putting the deal together were Gary Carr, John Alvarado, Erin Mackey, and Robert Hill with CBRE.
Legacy Central. The sprawling former Texas Instruments campus in Plano was acquired by Regent Properties, which is giving it a 100-million-dollar makeover. Going forward, leasing will be handled by Transwestern.
An 11-property portfolio of retail centers anchored by Tom Thumb stores, acquired by a Pine Tree Commercial Realty affiliate. The deal was brokered by Chris Gerard and Chris Cozy of CBRE.
Village on the Parkway. After getting a transformative renovation, this Addison shopping center was acquired by UBS. The deal was put together by HFF. The sellers were The Retail Connection, Lincoln Property Co., and Long Wharf Real Estate Partners.
