Hillwood, Vanderbilt Take Larger Bite of Las Colinas Office

What’s being hailed as Dallas-Fort Worth’s largest office trade of the year recently took place in North Texas’ headquarters hotspot.

The 1.4 million-square-foot Towers at Williams Square, at 5205 North O’Connor Boulevard, Irving, which is home to offices for the Big 12 Conference and construction equipment manufacturer Caterpillar, has a slightly new ownership group.

The transaction gave Chicago-based Vanderbilt Office Properties and Ross Perot Jr.-led Hillwood Urban larger ownership slices of the property, the Dallas Business Journal reported. The new ownership group includes New York-based TriPost Capital Partners in lieu of Apollo Global Real Estate, which is also based in New York. Newmark represented both buyer and seller in the transaction.

The previous ownership group acquired the building for $330 million, or roughly $236 per square foot, in 2015. The property also underwent a $30 million renovation in 2024. The outlet did not list a sale price.

The three-building office campus consists of two 14-story office buildings with a 26-story high-rise in the middle that sits on 18 acres. The property, which was built in 1985, is known for its bronze mustang statues in front of the central building. Mustang Square is located in the heart of Las Colinas, a 12,000-acre master-planned community that features attractions like the Toyota Music Factory. It’s a popular spot for corporate relocations and is home to headquarters for businesses like Kimberly Clark and Nexstar Media Group.

The acquisition was financed by Plano-based Beal Bank, according to the outlet. The northwest Dallas-Fort Worth office complex beacon is also home to regional offices for Anheuser-Busch, Mitsubishi and Accenture, as well as the Irving-Las Colinas Chamber of Commerce. The building is 78 percent leased, according to the outlet.

The Irving office sits on Lake Carolyn, and is only a ten minute drive from the DFW International Airport and Dallas Love Field.

— Hunter Cooke