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7/28/16
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Clarion Partners LLC has acquired One Victory Park in Dallas from a partnership of Hines and UST XVI, a German investment fund managed by Estein & Associates USA Ltd. Clarion acquired the property on behalf of a commingled fund advised by the firm.
One Victory Park is a 17-story, 436.3k sf 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 300k sf of walkable, ground-level retail and 4,500 multifamily units - making it one of the most vibrant areas in the city. The One Victory Park building was completed in October 2008 and is currently 95 percent leased.
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 160k sf of retail, restaurant and entertainment space; 621k sf 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, FL. 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.
Hines was advised by HFF on the transaction, and Hines will retain property management services of the asset. The price was not immediately disclosed.
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