Hillwood, a Dallas-based development firm led by Ross Perot Jr., is investing $20 million to renovate 100,000 square feet in Victory Commons One for Scotiabank’s new regional hub. According to a state filing, the renovation will cost about $150 per square foot and will cover three floors of the Uptown Dallas building at 2601 Victory Avenue. The renovations are scheduled to begin in April and are expected to be completed by January 2027.
Scotiabank, which is Canada’s third-largest bank, currently has its main U.S. office in New York. The bank considered both Dallas and Charlotte, North Carolina, for its southern expansion last year. Ultimately, Dallas was chosen after it offered a $5 million incentives package that included property tax abatements and economic development grants.
Despite these incentives, Scotiabank U.S. co-CEO Brian Lehman said in a Hillwood press release: “The incentives were appreciated, but not persuasive.”
Hillwood stated that former President George W. Bush played a role in attracting Scotiabank to Dallas. A ribbon cutting ceremony was held at Victory Commons One last week to mark the official opening of the branch.
Victory Commons One was developed by Hillwood in 2022 and houses other tenants such as Lockton Companies, Steelcase, and Alcority. In 2025, Dallas County appraised the building’s taxable value at $151 million.
Uptown Dallas has become an attractive destination for major companies seeking modern office space with amenities. The neighborhood has drawn firms like Goldman Sachs and Bank of America away from downtown locations.
According to Partners Real Estate, average office rents in Uptown/Turtle Creek surpassed those of any other submarket in Dallas/Fort Worth during the last quarter of 2025. This area was also the only one where gross average asking rent exceeded $50 per square foot; across all of Dallas/Fort Worth, the average stood at $31 per square foot.
More than half of ongoing office construction in the Metroplex during this period took place in Uptown/Turtle Creek. Of approximately 2.8 million square feet under construction throughout Dallas/Fort Worth at year-end 2025, about 2 million square feet were located within this submarket.
