Dallas Morning News: Hillcrest Tower Sells – Sunwest Awarded Property Management

New York-based commercial real estate investment firm Ascent Real Estate Advisors bought the 10-story Hillcrest Tower in northern Dallas. 

Ascent bought the office building at 12720 Hillcrest Road earlier this month. The seller was Boston-based Albany Road Real Estate Partners. 

Ascent did not disclose the sale price, but county records show an Ascent-affiliated LLC obtained a loan of more than $17.1 million to fund the transaction. The Dallas Central Appraisal District valued the property at $16.3 million for tax purposes.

Hillcrest Tower has more than 168,000 square feet and is 97% leased, with a roster of roughly 50 tenants. The property was built in the early 1980s.

Ascent principal John Porges said his firm will make improvements to the property, including a lobby refresh.

The deal adds to Ascent’s northern Dallas holdings. Pillar Commercial and Ascent Real Estate Advisors acquired Rambler Park at 7557 Rambler Road in Dallas earlier this year.

Porges said his firm likes the area around the Hillcrest office. It’s close to the planned H-E-B grocery store and near the Dallas Mavericks’ planned arena site at the former Valley View mall.

Dallas-based Sunwest Real Estate Group will lead property management service, and CBRE will handle leasing.

“We really like that location. We think that there’s opportunity to increase rents as the market has
continued to improve,” Porges said.

Source: The Dallas Morning News, Oct. 29, 2026 — Nick Wooten and Neal Franklin, Staff Writers