Fort Worth’s Oil & Gas/Star-Telegram buildings hit the market
See full RE Journals article here.
The 439,801-square-foot Oil & Gas/Star–Telegram Buildings in the Fort Worth CBD are up for sale. Offered exclusively by Younger Partners’ Scot Farber and Tom Strohbehn, the towers give investors the opportunity to acquire two historic buildings in one of the region’s most closely held real estate markets.
Located at 307-309 W. 7th Street, the towers are 16 and 19 floors respectively and were built between 1929 and 1954. The property is 59 percent leased to a diverse tenant mix that is anchored by a long-term lease with the GSA (Housing and Urban Development).
“The two-tower complex is a stunning example of art deco and gothic design,” Farber said. “Located in the thriving Fort Worth CBD adjacent to the renowned Sundance Square, the property presents a compelling combination of stabilized office space and the value-add opportunity to alter an existing use and reposition one of the buildings to mixed-use by including multifamily or hospitality.”
“With in-place rental rates that are well below market average, the strength of the area office market provides sound upside potential through repositioning and lease up of the vacant space and renewals at significantly higher rental rates,” Strohbehn said.
The property offers investors a unique chance to expand current holdings or get a foothold in the dynamic downtown Fort Worth market. The buildings epitomize a “live, work, play” environment with their location within walking distance of all of downtown Fort Worth. It is just a short drive from the Fort Worth Convention Center, historic Fort Worth Stockyards and the wealth of amenities and entertainment destinations of Sundance Square.