One of North Texas’ most notable office properties has changed hands.
A new joint venture of Chicago-based Vanderbilt Office Properties, Dallas’ Hillwood Urban and New York-based TriPost Capital Partners has acquired The Towers at Williams Square, a landmark 1.4 million-square-foot Class A office campus that serves as the global headquarters for industrial giant Caterpillar Inc.
Financial terms of the deal were not disclosed. The transaction has not yet been recorded in county deeds. Real estate firm Newmark touted the deal as “the largest office sale” by sales price and square footage this year.
The three-tower office complex (5205 N. O’Connor Boulevard) was previously owned by a joint venture headed by Vanderbilt and New York-based Apollo Global Real Estate. Hillwood was also part of that purchase. That group acquired the property for roughly $330 million in 2015.
The newly formed partnership gives Vanderbilt and Hillwood a larger ownership share than they previously held. Real estate firm Newmark touted the deal as “the largest office sale” in terms of square footage this year.
“The Towers at Williams Square is truly an iconic property, and we believe it is among the finest office addresses in the Dallas-Fort Worth market,” said Casey Wold, managing partner of Vanderbilt Office Properties.
Williams Square serves as the centerpiece of the Las Colinas development. The property features a 26-story office tower flanked by two 14-story high-rises, a smaller office building and retail space. The buildings surround a landmark sculpture of galloping mustangs, which is owned by the city of Irving and the Dallas County Utility Reclamation District.
Caterpillar moved its global headquarters to the Irving property from the Chicago suburbs in 2022. Other noteworthy tenants at the property include the Big 12 Conference, Flowserve and the Irving-Las Colinas Chamber of Commerce, as well as regional offices for Accenture, Gallo, Mitsubishi, Capgemini and Anheuser-Busch. The property is 78% leased.
The property underwent $30 million worth of renovations that finished in 2024. Improvements saw a total revamp of the property’s top floor club in the mid-century modern style. New lobby areas, tenant lounges and extensive outdoor space also came with redevelopment.
Newmark vice chairmen Chris Murphy, Gary Carr and Robert Hill with director Austin Sheahan represented the seller in the transaction. Newmark senior managing director Andrew Porteous, vice chairman Clint Frease, senior managing director Chris McColpin and director Josh Francis assisted in securing the acquisition financing on behalf of the buyer. Beal Bank USA provided acquisition financing.
“Williams Square delivers a unique position in the North Texas market,” Bill Brokaw, executive vice President at Hillwood Urban, said in a statement. “With a premier property centrally located across a four-county DFW talent pool, direct access to both major airports and the region’s freeway network, and a walkable, highly amenitized neighborhood right at its doorstep, we are seeing significant and growing tenant activity. The quality of our customer base and the momentum we are building here are a testament to what this campus truly offers.”
