XTO Energy puts another building up for sale as it prepares for relocation to Houston

June 5,2018


Dallas Business Journal article by Korri Kezar 

XTO Energy Inc., an affiliate of Exxon Mobil that’s shifting its corporate operations to Houston, has put another one of its Fort Worth office buildings on the market.

Real estate and investment management firm JLL is marketing 714 Main, a 24-story office building in downtown Fort Worth at the corner of Main and Seventh streets. Built in 1921 and renovated in 2010, it features 185,757 square feet of office space and proximity to Fort Worth’s convention center and Sundance Square.

“Properties within the downtown core are being aggressively pursued by residential and hospitality developers, and 714 Main provides a rare opportunity to become a key stakeholder in downtown Fort Worth’s vibrant urban environment,” JLL Executive Vice President Ryan Matthews said in a prepared statement. “As one of the largest, historically-registered buildings in downtown, 714’s re-development upside is significant. The potential capital investment, if the asset were to be repurposed, will no doubt make this a transformational project for downtown Fort Worth.”

JLL has already negotiated purchases for four of seven XTO assets in Fort Worth, most recently arranging the sale of the Petroleum Building at 201 W. Sixth St. It is also marketing the WT Waggoner Building at 810 Houston St., and expects to close a deal on that property this summer.

XTO is in the process of closing down its Fort Worth operations and moving 1,200 jobs to Houston. The shift is expected to take place this month.

Irving-based Exxon (NYSE: XOM) acquired XTO in 2009 for $41 billion. At that time, XTO was the largest domestic natural gas producer in the U.S. Today, the company boasts roughly 5,000 total employees.