Hillwood Urban

What Hillwood Urban does

Hillwood Urban is the urban Class A commercial real estate development division of Hillwood Development Company, LLC, the Perot-family-owned developer founded in 1988 by Ross Perot Jr. Headquartered at 3000 Turtle Creek Blvd in Dallas, Texas, the firm develops corporate office towers, build-to-suit campuses, mixed-use districts, hospitality venues, and civic landmarks across the Dallas-Fort Worth metroplex, with a portfolio that includes Victory Commons One (350K SF, Scotiabank-anchored), Victory Commons Two (460K SF under development), The Towers at Williams Square (1.4M SF acquired in 2026 with Vanderbilt Office Properties), Field Street Tower (1M+ SF development site), the Victory Park mixed-use district anchored by the American Airlines Center, the 3000 Turtle Creek corporate campus, and the Perot Museum of Nature and Science (180K SF civic landmark). Its core technology is conventional real estate development and property management — site assemblage, entitlement, construction management, leasing, and asset management — supported by sustainability expertise demonstrated through LEED Gold, Green Globes, and Sustainable Sites Initiative certifications, rather than proprietary software or AI systems. Revenue mechanics blend one-time development economics (build-to-suit fees, property sales, asset disposition gains such as the JLL-led Victory Commons One potential sale), recurring leasing and property management income across its 1.4M+ SF stabilized portfolio, and third-party development management fees for complex civic projects; the customer base is enterprise corporate tenants (Scotiabank, Big 12 Conference, Caterpillar, Flowserve), institutional co-investors (Vanderbilt Office Properties), and civic/government clients (Perot Museum), served through direct relationship-led sales by senior executives including EVP Bill Brokaw and President Mike Berry.

Name

Hillwood Urban

Legal name

Hillwood Development Company, LLC

Website

https://hillwoodurban.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

11–50 employees

Short description

Hillwood Urban is the Perot-family-owned urban Class A commercial real estate developer in Dallas, Texas, building corporate office towers, build-to-suit campuses, mixed-use districts, and civic landmarks across North Texas for enterprise tenants, institutional co-investors, and government clients.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Land Subdivision (2372)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Operative Builders (1531)

akta.pro primary industry

Urban Renewal, Brownfield Redevelopment & Land Reuse (BPAIANAI)

Keywords

• Commercial real estate development
• Class A office space
• Mixed-use development
• Build-to-suit development
• Urban real estate

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Commercial Real Estate Development: Hillwood Urban generates revenue through developing commercial real estate projects including office towers, corporate campuses, mixed-use developments, and civic buildings. Revenue is realized through property sales, build-to-suit arrangements, and long-term development contracts with corporate clients and institutional investors.
2. Commercial Property Leasing: The company derives recurring revenue from leasing Class A office space across its portfolio including Victory Commons One (350K SF), Victory Commons Two (460K SF), The Towers at Williams Square (1.4M SF), and other properties. Tenants include major corporations like Scotiabank, Big 12 Conference, Caterpillar, and Flowserve.
3. Third-Party Development Management: Hillwood Urban serves as third-party development manager for projects like the Perot Museum of Nature and Science, earning development fees for managing complex civic projects from conception through completion.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Hillwood Urban is a full-service commercial real estate development organization that develops, owns, leases, and manages Class A office towers, corporate campuses, mixed-use urban districts, and civic buildings across the Dallas-Fort Worth metroplex. The firm provides build-to-suit development, speculative office leasing, third-party development management, and brownfields remediation services, backed by the resources of Hillwood and The Perot Companies.

Product overview

Hillwood Urban is a full-service commercial real estate organization offering a portfolio of distinct property products and development services. The product portfolio includes: Victory Commons One (350K SF office tower) and Victory Commons Two (460K SF office tower) in Victory Park; Field Street Tower (1M+ SF development site); The Towers at Williams Square (1.4M SF office campus in Las Colinas); Victory Park mixed-use district; 3000 Turtle Creek corporate campus; and the Perot Museum of Nature and Science civic landmark. These are complemented by five service lines: Office, Mixed-Use, Build-to-Suit, Hospitality, and Civic development services. Together, the properties and services provide comprehensive real estate solutions from raw land through construction to final delivery and ongoing management.

Differentiator

Problem solved

Functional benefit

Products and services

• Victory Commons One A 15-story, 350,000 square foot Class AA speculative office tower in Victory Park at the crossroads of Uptown and Downtown Dallas, featuring industrial-inspired design and modern amenities. Anchored by Scotiabank.
• Victory Commons Two The next phase of Victory Commons, offering 460,000 square feet of leasable Class AA office space with offset core design, floor-to-ceiling windows, and private balconies overlooking Victory Park. Build-to-suit opportunities from 200K to 1M RSF.
• Field Street Tower A 1.75-acre premier office development site at the convergence of Uptown, Victory Park, and the Dallas Arts District with over 1 million square feet of available density and virtually unlimited height potential. Build-to-suit opportunities from 300K to 1.5M RSF.
• The Towers at Williams Square A four-building, 1.4 million square foot Class A office campus in Las Colinas, Irving, Texas, with comprehensive interior and exterior renovations underway and tenants including Big 12 Conference, Caterpillar, and Flowserve.
• Victory Park A mixed-use urban district anchored around the American Airlines Center, featuring 2,000+ residences, 260,000+ square feet of retail space, multiple office buildings, and 11 contiguous acres available for future development.
• 3000 Turtle Creek Corporate Campus A 185,000 square foot, 6-acre build-to-suit corporate campus for the Perot family business interests, featuring two three-story buildings with floor-to-ceiling windows and LEED Silver certification.
• Perot Museum of Nature and Science A 170-foot tall, 5-story, 180,000 square foot civic landmark building that achieved LEED Gold, Green Globes (3 out of 4), and Sustainable Sites Initiative certifications. Hillwood served as third-party development manager coordinating base building design.
• Office Development Services Client-first development approach providing tailored real estate solutions for office projects, from relationship establishment through project delivery, for corporate tenants seeking Class A office space.
• Mixed-Use Development Services Cross-industry development services for mixed-use projects with a track record spanning over three decades, aligning with best-in-class development partners for diverse, multi-use urban projects.
• Build-to-Suit Development Services Custom development environments tailored to clients' business, operations, processes, and culture, with build-to-suit opportunities ranging from 200K to 1.5M RSF and an owner's perspective on each project.
• Hospitality Development Services Development of major hotels, mixed-use projects, and iconic hospitality and entertainment venues in partnership with industry-leading architects and hotel partners.
• Civic Development Services Foresight-driven civic development creating spaces that withstand the test of time, serving both purpose and distinction with steadfast commitment to quality for museums, cultural institutions, and government facilities.

Quantifiable outcome

• Over $2.1 billion in real estate development value managed by senior leadership
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered minor and core.

• JLLminorChannel Partner/ Reseller/ Distributor · 26 June 2026Hillwood Urban has engaged JLL to explore potential sale or refinancing options for Victory Commons One, a 15-story office building in Dallas that is 93 percent leased across 364,428 square feet. JLL is handling the investment sales assignment for this transaction.
• Vanderbilt Office PropertiescoreStrategic or Co-development PartnerHillwood Urban and Vanderbilt Office Properties served as transaction sponsors for the acquisition of The Towers at Williams Square, a 1.4 million-square-foot Class A office campus in Las Colinas, Irving, Texas. The partnership combines Hillwood's development expertise with Vanderbilt's market knowledge for office acquisitions in North Texas.
• MorphosiscoreStrategic or Co-development PartnerHillwood Urban worked with Morphosis architects on the Perot Museum of Nature and Science project. The Morphosis-designed 170,000 square foot museum was completed on budget, ahead of schedule and became an iconic piece of the Downtown Dallas skyline.
• MithuncoreStrategic or Co-development PartnerHillwood Urban partnered with Seattle designer Mithun for the 3000 Turtle Creek corporate campus development. Mithun and Dallas architect BOKA Powell designed the buildings to emphasize natural beauty surrounding the campus.
• BOKA PowellcoreStrategic or Co-development PartnerHillwood Urban partnered with Dallas architect BOKA Powell for the 3000 Turtle Creek corporate campus. The architects designed two three-story buildings totaling nearly 200,000 square feet to blend within the treetops and work with the natural landscape that Turtle Creek provided.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Trammell Crow Company: Headquartered in Dallas and one of the largest commercial real estate developers in the U.S., Trammell Crow develops Class A office, industrial, and mixed-use projects across major metros including DFW. Directly comparable in geography, asset class mix, and tenant profile (large corporate users and institutional capital partners).
• KDC Real Estate: Dallas-based commercial real estate developer specializing in Class A office towers, corporate campuses, and mixed-use projects across the Sunbelt. Comparable in build-to-suit capability, trophy asset focus, and DFW market concentration, with several similar corporate HQ deliveries.
• Crescent Real Estate: Fort Worth-based commercial real estate investment and development firm historically focused on Class A office, mixed-use, and hospitality in Dallas-Fort Worth. Multiple Hillwood Urban executives (Walt Zartman, Jacob Walter) previously held senior roles at Crescent, indicating close operational and asset-class overlap.
• Stream Realty Partners: Dallas-headquartered national commercial real estate services firm offering development, leasing, property management, and investment sales across office, industrial, and retail. Direct competitor for Class A office leasing mandates and tenant representation in DFW, with comparable build-to-suit service offerings.
• Lincoln Property Company: One of the largest privately held U.S. real estate firms, headquartered in Dallas, with deep DFW development pipeline across Class A office, multifamily, and mixed-use. Direct peer in trophy office development, build-to-suit corporate mandates, and third-party property management.
• Shorenstein Properties: San Francisco-based private real estate investment and development firm focused on Class A office properties in select gateway and growth markets. Highly comparable in private ownership structure, trophy Class A office focus, build-to-suit capability, and tenant profile of large corporate users.
• Billingsley Company: Dallas-based privately held real estate developer of office, industrial, retail, and multifamily projects across DFW. Direct competitor in DFW trophy office and mixed-use development, with similar build-to-suit capabilities and corporate campus orientation.

Broad incumbents

• Cousins Properties: Atlanta-based publicly traded REIT focused on Class A office towers in high-growth Sunbelt markets (Atlanta, Austin, Charlotte, Dallas). Comparable in trophy office focus and Sunbelt geographic exposure, but operates as a public REIT with broader portfolio scale rather than project-specific development.
• Highwoods Properties: Raleigh-based publicly traded REIT owning and developing Class A office properties primarily in the Southeast and Texas. Overlap in trophy office ownership and Sunbelt geographic exposure; broader incumbent with public-market capital structure rather than private development focus.
• Brandywine Realty Trust: Philadelphia-based publicly traded REIT focused on Class A office and mixed-use properties in Philadelphia, Austin, and other select markets. Comparable in trophy office ownership and mixed-use development orientation; broader incumbent operating across multiple geographies rather than concentrated in one metro.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hillwood-urban

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hillwood Urban