ScotiaBank has purchased Victory Commons One, the 15-story office tower it has been leasing, in a transaction that transfers ownership from Hillwood Urban. Hillwood Urban, a Ross Perot Jr. company, developed the property in partnership with Affinius Capital. The tower totals 364,000 square feet and represents one of the more recent additions to the city’s office skyline, having opened in 2022.
According to reporting from the Dallas Business Journal referenced in the source, Hillwood Urban and JLL initially evaluated several strategic options for Victory Commons One. Those alternatives reportedly included refinancing or restructuring the tower’s financing, as well as the possibility of bringing in a new owner or equity partner. The process ultimately resulted in ScotiaBank acquiring the building it occupies, shifting the asset from developer ownership to that of a major tenant.
Victory Commons One is described as being at the center of the city’s Y’all Street movement, positioning it as a focal point within a growing office and mixed-use corridor. The property offers a range of amenities aimed at tenants and their employees, including a 1-acre landscaped park adjacent to or integrated with the project. Inside the building, occupants have access to a 4,000-square-foot private tenant lounge and a dedicated fitness center. The tower also features a 5,000-square-foot sky garden designed to showcase views of the Dallas skyline.
The building is reported to be 93% leased, reflecting strong tenant demand for the space since its opening. ScotiaBank is a key tenant and now the owner, while the insurance brokerage Lockton also maintains a large regional office in the property. This combination of a major financial institution and a sizable insurance tenant underscores the tower’s role as a hub for professional and financial services users.
Prior to closing on the acquisition, ScotiaBank had already announced plans to invest $60 million at Victory Commons One over the next three years. The Toronto-based financial institution ultimately intends to occupy 100,000 square feet within the tower. Over time, the bank expects to employ more than 1,000 people at the property, indicating a significant and sustained operational presence in the building. These commitments suggest that ScotiaBank views Victory Commons One as a long-term strategic location for its regional operations.
With a high occupancy level, recently delivered construction, and a comprehensive amenity package, Victory Commons One continues to serve as a modern office environment for its tenants. The transition from developer-led ownership to tenant-led ownership marks an evolution in the building’s capital structure while leaving its day-to-day function as a multi-tenant office tower intact. Hillwood Urban and Affinius Capital, as the original development team, helped position the asset in the market, and ScotiaBank’s acquisition formalizes the bank’s long-term role at the property as both key tenant and owner.
