Hilltop Holdings invests in new Dallas HQ, executes long-term lease
Hilltop Holdings 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% of the six-story, 119,000-square-foot Class A commercial office building at 6565 Hillcrest Avenue and each own 50% 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 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.