Scotiabank Buys Dallas Office Tower for Hub

The bank closed its purchase of the 15-story Victory Commons One on November 3, with the price undisclosed.

Updated on Nov. 6, 2026 in Commercial

Scotiabank Buys Dallas Office Tower for Hub

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Scotiabank purchased Victory Commons One, a 15-story office tower at 2601 Victory Ave. in Dallas, with the deal closing on November 3. An LLC tied to the bank's U.S. Capital Markets division was the buyer, and the purchase price was not disclosed.

Why it matters

The deal anchors Scotiabank's regional hub in Dallas, a choice the bank made over Charlotte, N.C. For the city, it adds to a pattern of large financial employers expanding downtown and Victory Park office space.

Scotiabank planned to occupy 133,000 square feet of the 350,000-square-foot tower for more than 1,000 workers, with an average wage of $135,000. The purchase price remains undisclosed, and the $150 million figure is the Dallas Central Appraisal District's tax valuation.

The players

Scotiabank

A major Canadian bank whose U.S. Capital Markets division is behind the purchase of the Dallas tower.

Morgan Stanley

A global investment bank that announced plans for a new regional hub in Dallas and a future 700,000-square-foot campus.

Ross Perot Jr.

A Dallas real estate developer whose firm Hillwood was part of the partnership that sold the tower.

The details

Victory Commons One was more than 90% leased late last year, and the seller was a partnership between Ross Perot Jr.'s Hillwood and Affinius Capital, with JLL representing the sellers. Scotiabank opened its Victory Park hub in February and received a $2.7 million city economic development grant, a 10-year city property tax break and an $11 million Texas Enterprise Fund Grant.

February: Scotiabank opened its Victory Park hub.
Late last year: Victory Commons One was more than 90% leased.
November 3: The purchase of Victory Commons One closed.
Late September: Morgan Stanley announced plans for a Dallas regional hub.
Around 2031: Morgan Stanley is expected to occupy its new campus at McKinney Avenue and Fairmount Street.

Market Landscape

Scotiabank's decision to buy in Dallas rather than lease followed its choice of Dallas over Charlotte, N.C. for the regional hub. The move places the bank alongside Morgan Stanley's own Dallas expansion in competition for downtown and Victory Park office space.

For Dallas office tenants and landlords, the deal signals continued demand for large, leased downtown and Victory Park space by financial firms. Commuters in the Victory Park area should expect more than 1,000 Scotiabank workers in the tower once the hub is fully staffed.

The takeaway

Large financial employers are committing to long-term Dallas real estate, which can shape office demand and neighborhood activity for years. Readers tracking the local commercial market should watch how the Victory Park and McKinney Avenue corridors develop as these hubs fill.

What happens next

Morgan Stanley is expected to occupy its new 700,000-square-foot campus at McKinney Avenue and Fairmount Street around 2031, with its temporary downtown office at Fountain Place in the interim.