Hillwood Urban Plans to Develop 38-Story Office Building in Downtown Dallas
DALLAS — Hillwood Urban, a division of Fort Worth-based industrial giant Hillwood, plans to develop Field Street Tower, a 38-story office building that will be located at 1201 Field St. at the crossroads of Uptown and downtown Dallas. A total price tag for the project was not disclosed.
The site of Field Street Tower is adjacent to Klyde Warren Park and across from the Perot Museum of Nature and Science. The 520,000-square-foot property will rise 600 feet, making it the tallest office building developed in downtown Dallas in the last three decades, according to the development team.
Field Street Tower will feature amenities such as a tenant lounge, coffee bar, conference facilities, a 9,000-square-foot fitness center and a half-acre of outdoor green space with views of Klyde Warren Park.
The building will also house retail and restaurant space with outdoor seating. In addition, the HVAC system will be equipped with an ultraviolet air purification system to protect tenants from airborne contagions.
Pickard-Chilton is designing the project, while BOKA Powell is the architect of record. The Office of James Burnett is handling landscape design. Construction is set to begin in June. The development team believes the building could be available for occupancy by 2024 pending the successful procurement of a major tenant.
“Field Street Tower is a forward-looking office building on a high-profile site,” says Bill Brokaw, senior vice president at Hillwood Urban. “We believe it offers the finest overall tenant experience in the market. We’ve been very excited by the number of large corporate tenants, many from the East and West Coasts, that have looked at the building recently.”
According to data from Newmark, the vacancy rate of the Dallas-Fort Worth office market stood at roughly 20 percent at the end of the first quarter, up from 16.8 percent around that time in 2020. Within the Dallas CBD specifically, vacancy stood at 25.7 percent at the end of the first quarter, up from 23.7 percent a year ago.
Hillwood Urban is a full-service real estate company that develops projects across all major commercial asset classes.
— Taylor Williams