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Tennessee developer buys landmark Fort Worth tower

November 29,2018

Dallas News article by Steve Brown 

A Tennessee-based hotel developer has purchased a landmark downtown Fort Worth building.

Tennessee-based Development Service Group Inc. has acquired the 24-story 714 Main building, formerly the Continental Life Insurance Building.

The 97-year-old high-rise was purchased from XTO Energy Inc. and is the latest in a series of property sales by the firm.

Commercial property firm JLL said the new owners plan to redevelop the landmark.

"As one of the largest, historically registered buildings in downtown Fort Worth, 714's redevelopment upside is significant and has the potential to be a truly transformational project for our city," JLL's Ryan Matthews said in a statement. "Its centralized location and the opportunity for its redevelopment make 714 Main an outstanding investment for the new owners. We are thrilled to play a role in its transition."

Built in 1921 and renovated in 2010, the 714 Main tower has more than 185,000 square feet of office space.

JLL has sold six XTO Energy properties in downtown Fort Worth.

Exxon purchased XTO Energy in 2009 and has been moving more than 1,000 jobs from Fort Worth to Houston.

In August, Dallas Stars owner Tom Gaglardi bought the landmark WT Waggoner Building, which will be converted to a hotel.

Development Services Group has also done historic building developments in Florida and Pennsylvania and converted the landmark Melrose Building in Houston into a Le Meridien Hotel.