Downtown Fort Worth landmark goes on the market
See full Fort Worth Business Press article by FWBP Staff here.
One of Downtown Fort Worth’s signature buildings is on the market.
Burnett Plaza, a 40-story, 1.1 million square foot, Class A office tower and parking garage, is being offered by Jones Lange LaSalle.
The building, at 801 Cherry St. is the city’s tallest at 567 feet, opened in 1983 and was designed by Sikes, Jennings, & Kelly Architects from Houston and Fort Worth’s Geren Associates.
The building received theBOMA 2014 International Building of the Year. The Building Owners and Managers Association (BOMA) award recognizes quality in buildings and rewards excellence in building management, according to the award announcement. Burnett Plaza is owned by Dallas-based TIER REIT and managed by Behringer, according to the announcement and Tarrant Appraisal District records which indicates the firm has owned the building since 2005.
Key companies in the building include Freese & Nichols, Americredit, Huckabee and Basic Energy. The tenant lineup in the building has an average remaining term of 7.9 years. The building offers in-place office rents of $25 per square foot Plus E, which is 4% below market rates of $26.00 PSF Plus E, according to the JLL flyer on the building.
JLL is offering an additional 1.38 acre adjacent site that could be used for development of a residential tower, hotel or additional office parking.
Location Mentioned: Burnett Plaza