Sundance Square acquires Fort Worth's historic Petroleum Building

January 29,2018

By Steve Brown

Downtown Fort Worth's popular Sundance Square development is growing with the purchase of a landmark building.

Sundance Square has acquired the historic Petroleum Building -- a 14-story office tower built in 1927. The high-rise was sold by XTO Energy, which has been liquidating some of its Fort Worth real estate holdings since it was acquired by ExxonMobil in 2010.

The Petroleum Building sale includes an adjoining 12-story parking garage. With the purchase, Sundance Square now includes 35 blocks in downtown Fort Worth.

"The availability of the Petroleum Building presented a great opportunity to bring the landmark building into our portfolio," Johnny Campbell, CEO of Sundance Square, said in a statement. "The Petroleum Building will continue to be occupied by XTO Energy at least through mid-2018."

Commercial property firm JLL brokered the sale.

"XTO hoped to secure a buyer who understood the level importance the Petroleum Building has for downtown Fort Worth," said JLL's Ryan Matthews. "Sundance Square obviously fits this profile. We know that this historic asset is in great hands."

JLL has already sold three properties for XTO, including the Binyon-O'Keefe Buidling, the Swift & Co. Building and the Montgomery Ward/Tindall Storage Building.

With the Petroleum Building purchase, Sundance Square mixed-use district now has 44 buildings in downtown Fort Worth.