Oil & Gas/Star-Telegram buildings hit the market
See full Fort Worth Business Press article by FWBP Staff here.
Another landmark property in downtown Fort Worth has hit the market. The 439,801-square-foot Oil & Gas/Star–Telegram Buildings are being offered exclusively by Younger Partners’ Scot Farber and Tom Strohbehn.
Located at 307-309 W. 7th St., 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 says. “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 original building was designed by Fort Worth Architect Wyatt C. Hedrick for The Fair department store. The adjacent Oil & Gas Building was built In 1952. In 2011, the Fort Worth Star-Telegram moved into the building and the building was renamed for the newspaper.
The property offers investors a unique chance to expand current holdings or get a foothold in the dynamic downtown Fort Worth market, he adds.
Last week, the nearby Burnett Plaza, a 40-story, 1.1 million square foot, Class A office tower and parking garage, was being offered by Jones Lange LaSalle.