ScotiaBank has acquired the building it currently leases. The company bought the 15-story Victory Commons One tower from Hillwood Urban, a Ross Perot Jr. company. Hillwood Urban developed the 364,000 square foot building along with Affinius Capital.

The Dallas Business Journal reports that before the sale, Hillwood Urban and JLL were exploring options, including refinancing or restructuring the finances for the tower or possibly finding a new owner or partner. Victory Commons One opened in 2022 and is at the center of the city’s Y’all Street movement. The building’s amenities include a 1-acre landscaped park, a 4,000-square-foot private tenant lounge, a fitness center and a 5,000-square-foot sky garden overlooking the Dallas skyline.

The building is 93% leased. Beside Scotiabank is a large regional office for the insurance brokerage Lockton.

Before buying the building, Scotiabank was planning to invest $60 million over the next three years at the building. The Toronto-based financial giant ultimately plans to occupy 100,000 square feet and employ more than 1,000 people.

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