Two more office towers in Fort Worth go up for sale
See full Dallas Business Journal article by Ryan Salchert here.
The Oil & Gas and Star-Telegram buildings in downtown Fort Worth are the latest office towers to be offered for sale in North Texas.
Located at 307-309 W. 7th St., the buildings are connected and were built in 1929 and 1954. They are 16 and 19 stories each have a combined footprint of 439,802 square feet. The properties are currently 59 percent occupied and leased to a variety of tenants, including a long-term anchor lease with the General Services Administration.
“The two-tower complex is a stunning example of art deco and gothic design,” said Scot Farber, managing principal with Younger Partners, in a prepared statement. “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.”
No asking price has been listed. The buildings are being sold by an entity connected with a Brooklyn-based company. Younger Partners is marketing the property.
“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,” said Tom Strohbehn, managing principal at Younger Partners, in a prepared statement.
In recent weeks, a number of notable commercial properties have been appearing on the market for sale, including Fort Worth's tallest tower, Burnett Plaza.