Dallas-based developer Hillwood has acquired the Freeport Business Center, a class-A, three-building office portfolio in the Las Colinas/Freeport area of Irving.

The portfolio encompasses 34 acres, over 383,000 rentable square feet and includes Freeport Business Center I, II, and III located along Freeport Parkway and equidistant from Interstate 635 and State Highway 114, Hillwood, a Perot company, said.

“Hillwood’s decision to acquire the Freeport portfolio is a strategic move to obtain well located, quality real estate in infill locations around North Texas. Its prime location, coupled with its proximity to DFW International Airport and several major highways, positions it as a highly desirable destination for businesses seeking exceptional connectivity and access to an abundant and talented workforce,” Steve Aldrich, senior vice president of Hillwood, said in a statement.

Hillwood has acquired the Freeport Business Center in Irving. [Photo: Hillwood]

The portfolio has a 70% occupancy rate, with space available for lease ranging from 26,406 to 82,500 square feet, Hillwood said. Notable tenants include Northrop Grumman Corp., Yardi Systems, SiriusXM, and most recently Boeing.

Hillwood said that with more than $6.5 million recently invested in capital improvements, the Freeport Business Center is poised to offer enhanced employee amenities, retaining a competitive advantage in the market. It said that the improvements include extensive lobby renovations, window upgrades, landscaping, and updated building operation systems. An on-site, full-service café also services all customers within the portfolio.

Photo: Hillwood

The portfolio is five minutes from Dallas Fort Worth International Airport, the third-busiest airport globally, and near Interstate 635 and State Highway 114.

The location gives Freeport Business Center excellent accessibility to key transportation arteries and amenities such as the nearby Cypress Waters Development, the Las Colinas Urban Center, and the Toyota Music Factory. Also, Hillwood said the area benefits from a highly skilled and well-educated labor pool, with 3.3 million residents within a 30-minute radius, over 70% of whom have an associate’s degree or higher.

Hillwood has acquired the Freeport Business Center in Irving. [Photo: Hillwood]

Hillwood’s impact on North Texas

Hillwood said its investment in Fort Worth and throughout North Texas began 35 years ago with the development of Perot Field Fort Worth Alliance Airport.

Today, its AllianceTexas development has transformed the North Texas economy and connected the area to global industry. The mixed-use development spans 27,000 acres with over 575 companies and has generated $120 billion in regional economic impact and 66,000 direct jobs.

A cafe at the Freeport Business Center. [Photo: Hillwood]

Hillwood also developed Victory in Dallas, another urban renewal development project anchored by American Airlines Center. The Victory district’s value has grown from $16 million in 1998 to over $2.4 billion, with 7.5 million square feet constructed to date.

Hillwood is an industrial, commercial, and residential real estate developer and manager with projects throughout North America and Europe. It has a diverse portfolio of projects that have become home to many of the world’s leading companies. In AllianceTexas, for example, that includes companies such as Facebook, Mercedes-Benz Financial Services, Amazon, Stanley Black & Decker, LG Electronics, DSC Logistics, Ryder, Bridgestone, and more.

Hillwood said it also was the lead developer of marquee projects nationwide, from the Air Force Memorial in Washington, D.C. to the Perot Museum of Nature and Science and the American Airlines Center in Dallas.

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