JLL announces close of Pier 1 Tower sale to Fort Worth for new City Hall
See full Fort Worth Business Press article by FWBP Staff here.
JLL on Feb. 23 announced the close on the sale of the Pier 1 Tower, a 409,977-square-foot Class A building, located at 100 Energy Way to the City of Fort Worth.
The City plans to occupy the vacant space ~ 260,000 square feet within the 20-story property, which overlooks the Trinity River and is located to downtown Fort Worth and West Seventh Street. Existing tenants will remain in place, with additional plans to relocate the Fort Worth City Hall into the building in 2022.
The cost of purchasing and renovating the tower will save the City of Fort Worth, including taxpayers, over $100 million compared to the initial plan to build a new City Hall. The purchase will also allow the City to move into the building sooner compared to the initial 2028 projection.
Fort Worth closed on the building on Jan. 27. The purchase price was $69.5 million, and renovations will bring the total estimated project budget to $100 million. Renovations will include constructing new public meeting spaces and reconfiguring offices.
The former Pier 1 Imports headquarters building, at 100 Energy Way, is a landmark glass tower that commands the skyline on the west side of Fort Worth’s Downtown. The building is situated on an 11.9-acre site overlooking the Trinity River.
Accounting for 23.6% of the 1.1 million square feet of Class A vacancy in the downtown Fort Worth area, the acquisition decreases the current vacancy considerably, taking the largest block of Class A space off the market.
JLL’s Todd Burnette, Pat McDowell, David Berzina, and John Davidson successfully negotiated the sale of the building.
“While leasing activity across Texas has been impacted by the pandemic, this new deal shows the potential within the Fort Worth market,” said Burnette. “This is a tremendous value for the City, financially and strategically, and offers terrific accessibility and amenities which remain a key driver for recruiting and retaining top talent.”
In addition to the prime location and views of downtown, the building offers amenities such as an on-site cafeteria and fitness center, free covered and surface parking, and 24-hour on-site security.
Location Mentioned: Pier 1 Imports Building