Project News / Commercial
Scotiabank Buys Victory Commons One, Home to Its Dallas Regional Hub
The acquisition brings the 15-story Victory Park office tower under the ownership of its anchor tenant, whose Dallas hub opened in February.
Scotiabank has bought Victory Commons One, the 15-story Victory Park tower that houses its Dallas regional hub. The sale closed on November 3, according to transaction reporting. The price was not disclosed; the reported $150 million appraisal-district valuation is a tax assessment, not a purchase price.
The Class AA tower at 2601 Victory Ave. totals 364,469 square feet and was completed in 2022. Hillwood Urban developed it with Affinius Capital. The seller in the transaction has not been named.
Scotiabank is the building's anchor tenant. It leases about 133,000 square feet across four floors for its regional hub. The building was 93% leased with a weighted average lease term of 12.2 years when it was offered to the market.
Scotiabank officially opened its Dallas regional hub on February 25, 2026. Earlier state records for a roughly $20 million, 100,000-square-foot tenant improvement describe the office fit-out; they do not establish that this work remains under construction after the bank’s opening.
The bank's Dallas commitment carries public incentives. Scotiabank plans to invest $60 million over three years and received roughly $14 million in grants plus a 10-year city property tax abatement.
The ownership change follows a marketing effort that began in June 2026, when Hillwood Urban hired JLL to weigh a sale, a refinancing or a new partner for the tower. With the purchase, the tower's largest tenant now controls its own space and the rest of the building.
Victory Commons One is part of Hillwood Urban's broader Victory Commons plan beside the American Airlines Center, and Hillwood Urban is advancing the next phase of that development. The tower's amenities include a one-acre park, a 4,000-square-foot tenant lounge, a fitness center and a 5,000-square-foot sky garden. Insurance broker Lockton also occupies space in the building.
The neighborhood has drawn several large financial-services commitments, including Goldman Sachs' new Dallas campus nearby.
The acquisition changes ownership of an occupied building. It is separate from the earlier office build-out, and no new construction award was disclosed with the sale.
