The Dallas office of Hines, the international real estate firm, and
Cousins Properties Incorporated (NYSE: CUZ), the Atlanta-based REIT,
announced today the formation of a joint venture to develop Victory
Center 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. Victory Center will also benefit from market leading
amenities and attractions in close proximity including the DART Rail
System, the popular Katy Trail, W Dallas Victory Hotel, American
Airlines Arena and numerous retail and restaurant destinations. Tenants
can also expect a strong amenity base at Victory Center, featuring a
state-of-the-art fitness center, a conference center, an on-site
restaurant and café, and a rooftop terrace with panoramic views of
Dallas.
Bill Brokaw, Cynthia Cowen and Mark Dickenson of Cushman & Wakefield
will lease Victory Center on behalf of Hines and Cousins.
About Cousins Properties Incorporated
Cousins Properties Incorporated is a fully integrated, self-administered
and self-managed real estate investment trust (REIT). The Company, based
in Atlanta, GA, primarily invests in Class-A office assets located in
high growth Sunbelt markets, with a focus on Georgia, Texas and North
Carolina. The Company has a comprehensive strategy in place based on a
simple platform, trophy assets and opportunistic investments. For more
information, please visit www.cousinsproperties.com.
About Hines
Hines is a privately owned real estate firm involved in real estate
investment, development and property management worldwide. The firm’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. Hines is also a world
leader in sustainable real estate strategies, with extensive experience
in LEED®, ENERGY STAR®, BREEAM, Haute Qualité
Environnementale and DGNB green building rating systems. Visit www.hines.com
for more information.
Copyright Business Wire 2014