JLL completes sale, financing of The Union Dallas

The iconic mixed-use development features an exceptional office experience and unique food and beverage offerings along with the area’s first full-service grocer

February 18, 2020

DALLAS, February 18, 2020 – JLL Capital Markets announced today that it has closed the sale and financing of the office and retail components of The Union Dallas, a recently completed, iconic mixed-use development comprising 866,273 square feet within the Uptown submarket of Dallas, Texas.

JLL represented the seller, RED Development, and procured the buyer, KB Asset Management.  Additionally, JLL worked on behalf of the buyer to secure the five-year, fixed-rate acquisition loan through Goldman Sachs. Though RED Development sold the property, they will still hold a minority interest in The Union Dallas and will continue to manage and lease the development. The buyer was advised by HC2 Capital.

The Union Dallas successfully integrates an exceptional office experience with luxury living, complimented by a dominant cluster of unique food and beverage options and the area’s first full-service grocer into one immersive experience. The combination of these components has created a dynamic microenvironment that is unparalleled in Dallas. Positioned in the core of Uptown, The Union Dallas is at the convergence of all of Dallas’ thriving districts such as Victory Park, Harwood District and Downtown.  Additionally, the iconic property has seamless accessibility to Woodall Rogers Freeway, the McKinney Ave Trolley and the DART Rail station and boasts a Walk Score® of 92.

Completed in 2018, the office tower at The Union Dallas is 94.2% leased to an elite collection of investment-grade and industry-leading tenancy, including Salesforce, Akin Gump and Weaver. The 21 stories of office space are complimented by nine levels of garage parking and market-leading amenities, including a greenspace amenity deck with entertainment space, tenant lounge, a fully equipped conference center and a state-of-the-art fitness facility with locker rooms.

The retail space at The Union Dallas is fully leased and anchored by Uptown’s only full-service grocer, Tom Thumb, as well as the first and only locations in Dallas for restaurant concepts The Henry, North Italia and TacoLingo.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About RED Development

A wholly integrated commercial real estate company, RED Development is a mixed-use developer that maximizes asset value and performance for its mixed-use portfolio and high-quality retail properties in the Southwest and Midwest regions. Most notably, RED is the developer behind CityScape, the first vertically integrated mixed-use project in downtown Phoenix, Arizona, and The Union Dallas in Uptown Dallas, Texas, which brought the first urban grocery store to Dallas and won D CEO's 2019 award for Best Mixed-Use Project. For more than 20 years, RED has been a preferred partner for class AA office tenants, national retailers and investors. The company also works with third-party property owners seeking RED's expertise in remerchandising and repositioning properties to improve profitability and appeal. RED is a privately held company headquartered at CityScape. RED builds on its development capabilities as an active acquirer of existing properties. For more information, visit

About KB Asset Management

KB Asset Management is a Seoul-based asset management firm founded in 1988. They are a leading asset manager in the Republic of Korea, providing investment management services for individuals and institutions across a broad range of sectors, including fixed income, public equity, real estate and infrastructure. The company has approximately $50 billion of assets under management as of June 2019 with over 90 investment professionals and 150 operating employees.  

About HC2 Capital

HC2 Capital (HC2) is a real estate private equity firm located in Dallas, Texas founded in 2016.  Together the partners at HC2 have transacted on more than $1 billion in real estate investments at every level of the capital structure. HC2 understands the strategic goals of foreign investors and the complexities of foreign direct investment, having invested on behalf of foreign high-net-worth families and institutions. For additional information, please visit: