Historic Fort Worth Office Asset Changes Hands

By Beata Lorincz

The Petroleum Building and adjacent garage, Fort Worth

Sundance Square has acquired the 14-story Petroleum Building and adjacent 12-story garage in downtown Fort Worth, Texas, from XTO Energy Inc. The former owner will continue to occupy the office building at least through mid-2018.

The asset is located on the corner of Throckmorton and W 6^th streets, four blocks from the Fort Worth Convention Center. The city’s significant central interchange of I-35W and I-30 is only a five-minute drive away from the property.

The Petroleum Building was completed in 1927 and comprises 117,000 square feet. The construction, featuring Art Deco elements, was designed by Wyatt Hedrick and has undergone several modifications over the years, including XTO Energy’s 2004 restoration. The garage, connected to the office building by an enclosed skywalk, provides 534 parking spaces and includes additional retail units.

JLL’s Executive Vice President Ryan Matthews managed the transaction on behalf of the seller and led the team’s marketing efforts. Last November, JLL expanded its presence in the Fort Worth office market by negotiating a more than 177,000-square-foot lease for Principal Life Insurance Co.

Image courtesy of Yardi Matrix