Vanderbilt Office, Hillwood And TriPost Capital JV Buys 1.4M SF Office Campus In DFW
One of the most recognizable office campuses in North Texas has just been sold to a joint venture comprising three major commercial real estate players.
Vanderbilt Office Properties, Hillwood Urban and TriPost Capital Partners partnered to purchase the 1.4M SF The Towers at Williams Square office campus in Irving, according to a press release from the joint venture. Developed in the 1980s, the Class-A office campus features a 26-story center high-rise between two 14-story towers, an adjacent five-story building and the well-known Mustangs of Las Colinas bronze sculpture.
Financial terms of the transaction were not disclosed.
“The Towers at Williams Square is truly an iconic property, and we believe it is among the finest office addresses in the Dallas-Fort Worth market,” Vanderbilt Office Properties Managing Partner Casey Wold said in a statement. “The combination of walkable, amenity-rich surroundings, exceptional freeway and airport access, and outstanding on-campus amenities make it exactly the kind of high-quality asset tenants are gravitating toward.”
More than $30M of renovations have been done to the office campus in Irving’s Las Colinas Urban Center over the years. It serves as the global headquarters of construction equipment manufacturer Caterpillar Inc., as well as the home for the Big 12 Conference, Flowserve and the Irving-Las Colinas Chamber of Commerce.
Williams Square’s tenant roster and market position make the property well equipped to benefit from the ongoing flight-to-quality trend happening in the office sector, according to Brad Carroll, co-founder and partner at New York-based private equity firm TriPost Capital Partners.
DFW's flight-to-quality trend pushed asking rents for trophy office buildings to record highs last year. And Ariel Guerrero, Avison Young regional manager of market intelligence for the central region, said earlier this year he expects the trend will boost the region's office sector throughout 2026.
Class-A office asking rents rose by nearly 4% year-over-year in the first quarter across all competitive tiers, according to the latest office report from Cushman & Wakefield.
Chicago-based Vanderbilt Office Properties isn't new to the property, as the firm partnered with Apollo Global Real Estate to purchase the campus in 2016 for $330M, according to D Magazine. Ross Perot Jr.'s Dallas-based Hillwood was also involved in that deal.
Hillwood Urban Executive Vice President Bill Brokaw said the company has seen “significant and growing tenant activity” at the campus thanks to its central location in the metro and the highly amenitized neighborhood at its doorstep.
Beal Bank USA provided acquisition financing for the deal.
Newmark’s Chris Murphy, Gary Carr, Robert Hill and Austin Sheahan represented the seller in the transaction. Newmark’s Andrew Porteous, Clint Frease, Chris McColpin and Josh Francis helped secure the acquisition financing on behalf of the joint venture.
