Hilltop Plaza

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DALLAS--(BUSINESS WIRE)--Dallas-based Hilltop Holdings Inc. (NYSE: HTH) today announced it made an investment in a new real estate development in Dallas’ University Park, which will serve as headquarters for both Hilltop and its largest subsidiary, PlainsCapital Bank. Joining Hilltop in the transaction is the company’s chairman and largest shareholder, Gerald J. Ford, who will be an equal investing partner in the project.

Together, Hilltop and the Ford family will each own 25 percent of the six-story, 119,000-square-foot Class A commercial office building at 6565 Hillcrest Avenue and each own 50 percent of the 1.7-acre tract on which the building will sit. A third party unaffiliated with Hilltop and the Ford family will own the remaining 50% of the building. Strode Property Company is the developer of the project. The building will be named Hilltop Plaza, and construction is expected to be completed in the second half of 2019.

“Hilltop Holdings has experienced significant growth in the past five years, and this new headquarters project signifies our continued commitment to investing in our company and community,” said Hilltop’s Co-CEO and President Jeremy B. Ford. “Hilltop Plaza will be a highly visible and unique property in one of Dallas’ most desirable areas. It is a fitting symbol of Hilltop Holdings’ strength and position as a financial services leader in Texas.”

Hilltop and PlainsCapital Bank will lease approximately 68,000 square feet of corporate office space on the top four floors of Hilltop Plaza and will also open an approximately 4,000-square-foot PlainsCapital Bank branch on the building’s first floor. Hilltop will occupy just over half of the building’s rentable space and expects to move in during the fourth quarter of 2019. The remaining space in the building will be leased for commercial office, retail and restaurant use. The building will pursue LEED Silver certification.

Hilltop made an approximately $24 million investment in the project, which consists of approximately $5 million for its stake in the building and approximately $19 million for its stake in the land. Construction on the project commenced in the fourth quarter of 2017, and total building costs are expected to be approximately $60 million.

“Combining our headquarters offices into this new location provides an important opportunity to increase collaboration and efficiency within the company,” said Hilltop’s Co-CEO and Vice Chairman Alan B. White. “Hilltop Plaza will serve as the flagship for our expanding organization as we pursue our plans for long-term growth.”

The building was designed by the Dallas-based architectural and design firm Omniplan and will be located at the intersection of Hillcrest Ave. and Daniel Ave. The property is adjacent to the northwest corner of Southern Methodist University’s campus and just south of Snider Plaza shopping center. Hilltop was advised in the transaction by Bracewell LLP as legal counsel and by Lincoln Property Company. Rogers-O’Brien Construction Company is the general contractor on the project.

Business Wire
August 6, 2018