Apex Capital Relocates to Downtown Fort Worth
See full Commercial Search news article by Barbara Murray here.
Apex Capital Corp has set up shop in its new home at City Center Fort Worth, a 1.5 million-square-foot office complex in downtown Fort Worth, Texas. The freight service firm’s relocation comes almost precisely one year after it announced the signing of the approximately 61,900-square-foot lease at the two-tower office property.
The move to City Center Fort Worth, considered a jewel of downtown, is a momentous occasion for Apex. The company has been steadfast in maintaining its headquarters in Fort Worth since it opened in a rented room in 1995. Apex later moved to an office on Merrimac Circle before settling down in 2005 at its previous headquarters at 6000 Western Place in the West Fort Worth submarket.
Now, having signed one of the largest downtown Class A office leases of 2021, the company has made its way to City Center Forth Worth, occupying three floors at the complex’s Bank of America Tower. Pat McDowell, managing director with JLL, noted in a prepared statement that Apex continues to enhance its company culture and take care of its employees by relocating to a Class A building that offers a higher quality of space with great onsite amenities. McDonnell and colleague Matt Montague, an executive vice president with JLL, represented Apex in the 2021 lease transaction.
Upward trajectory in Fort Worth
Developed in 1984, the 38-story high-rise at 301 Commerce St. is a product of the vision of architect Paul Rudolph, as is its slightly shorter, 716,500-square-foot sister building, Wells Fargo Tower. Together, the glass skyscrapers comprise City Center Fort Worth and serve as a centerpiece, of sorts, of the downtown area. The property is surrounded by coveted retail, dining and entertainment options and Bank of America Tower has its own amenities, including a fitness facility, meeting and event space and a private club with dining options.
Apex’s step up to a premier downtown location is indicative of an ongoing trend in the national office market: flight to quality. Office tenants are trading up to better digs in an effort to attract and retain top-notch talent. “Flight to quality continues to be the driving factor of the Fort Worth office market for both absorption and new construction as tenant demand for Class A space increases,” according to a third-quarter 2022 report by JLL. The trend has generated a decrease in available Class A space to the lowest point since the start of the COVID-19 pandemic as tenants reassess their uses for space.