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A partnership between McCourt Partners LLC, which is based in New York City and Los Angeles, and Dallas-based HN Capital Partners, LLC has acquired a core piece of the Dallas Design District, a unique real estate portfolio that has been assembled over the past two decades. The portfolio currently spans more than 40 acres and includes nearly 800,000 square feet of leased showroom, retail and flex office space.
The Design District portfolio is adjacent to downtown and uptown Dallas, near the American Airlines Center. It sits on a pedestrian spur connecting Dallas’ two primary urban trails, Katy Trail and the Strand. The partners believe the soul of the district will always remain design-centric showrooms, but their vision involves developing complementary mixed-use spaces to fully activate this one-of-a-kind area.
“McCourt is thrilled to partner with HN Capital and expand our real estate portfolio to another dynamic city,” said Jordan Lang, President of McCourt Partners in a statement. “We see great potential in the Dallas Design District and look forward to leveraging McCourt’s expertise and passion for building to positively contribute to Dallas’ vibrant community and future growth.”
McCourt’s Chairman and CEO, Frank H. McCourt Jr., is a fourth-generation business leader with family roots in real estate and construction dating back to 1893. Over the last 45 years, McCourt has been involved in large-scale real estate projects in New York City, London, Miami and Los Angeles, and played a critical role in the development of Boston’s Seaport.
HN Capital’s founder Vipin Nambiar will be the day-to-day local lead for the partnership in managing the portfolio. He was involved in the planning and development of the Virgin Hotel in the Dallas Design District. Nambiar also leads the renovation of the nearby W Hotel Dallas and is pioneering a similar development on the east side of downtown Austin.
“This transaction is part of a string of investments we have made based on our long-term belief in the growth of Dallas, and the densification of certain key urban nodes in the metroplex,” said Nambiar. “I am extremely pleased to partner on this transaction with the McCourt team. Over the last year, I have come to appreciate them as an exemplary team with an ability to thoughtfully align capital, execution and strategy. I also want to thank the Hunt organization for their trust and support in helping me launch HNCP over four years ago.”
McCourt Partners, a business unit of McCourt Global, Inc., is a private investment platform with more than $1 billion of permanent capital. It focuses on real estate development and has made investments in flagship projects in New York City, Los Angeles, Austin, London and Miami.
HN Capital was founded by former Hunt executive, Vipin Nambiar (previously a Managing Director at Hunt Investments & Hunt Realty). HN Capital is a private investor and runs a series of strategies, which include real estate development, hospitality investments and distressed real estate.