Clarion Partners Signs Tenant to 90 KSF Dallas HQ

One Victory Park entered Clarion Partners’ portfolio in 2016. Image courtesy of Cushman & Wakefield

Clarion Partners has secured a major tenant for its 20-story office building in Dallas. HF Sinclair Corp. signed a 90,609-square-foot lease for its global headquarters and will occupy three floors at the 436,000-square-foot, LEED Gold-certified One Victory Park.

The deal marks a relocation for the energy firm, currently at 2828 N. Harwood St. in Harwood District, near The Crescent. Cushman & Wakefield’s Matt Schendle, Cynthia Cowen and Carrie Halbrooks represented the landlord, while CBRE’s Phil Puckett and Harlan Davis negotiated on behalf of the tenant.

READ ALSO: New Formulas for the New Office

Hines developed One Victory Park between 2006 and 2008 as the office anchor of the 75-acre Victory Park master-planned project. Clarion Partners purchased the building in 2016.

During its ownership, Clarion made significant upgrades to One Victory Park. The property now includes a newly renovated fitness center and a 6,200-square-foot conference center featuring an executive board room and catering kitchen, together with a full-service bank, six-story parking deck and on-site concierge.

The building will also comprise a 10,000-square-foot food hall on the first floor, dubbed Victory Social, that is currently under construction and expected to deliver in the first quarter of 2024. To be operated by Hospitality Alliance, the food hall will include five stations, two bars, two patios, a private dining area and a to-go order area.

HF Sinclair will be joining Haynes and Boone LLP, Ernst & Young and PlainsCapital Bank on the property’s tenant roster. Located at 2323 Victory Ave., One Victory Park is close to several popular Dallas neighborhoods, including the Design District, Arts District, Uptown and West End.

Dallas-Fort Worth’s office leasing activity has started lagging in recent months. The metro’s vacancy rate clocked in at 17.5 percent as of June, according to a recent CommercialEdge report, up 40 basis points over the month but down 30 basis points on a year-over-year basis.

Investing in industrial and office

While the majority of Clarion Partners’ portfolio includes industrial properties, the company has also invested in nearly 1,500 residential and office assets across the U.S. and Europe. One Victory Park is Clarion’s only office property in Dallas, according to CommercialEdge data.

The firm grew its industrial presence in the Dallas-Fort Worth area by acquiring a 1.4 million-square-foot, fully leased industrial park in Haslet, Texas, last year. The property is within AllianceTexas, a master-planned community covering 27,000 acres in the metro.