{"id":1004283224,"date":"2018-12-03T04:54:03","date_gmt":"2018-12-03T12:54:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004283224"},"modified":"2022-12-08T15:42:23","modified_gmt":"2022-12-08T23:42:23","slug":"development-group-buys-fort-worth-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/development-group-buys-fort-worth-tower\/","title":{"rendered":"Development Group Buys Fort Worth Tower"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

\"714<\/a>

714 Main St.<\/p><\/div>\n

Development Services Group Inc., of Memphis, has purchased 714 Main St., a historic 24-story office building in downtown Fort Worth. JLL represented the seller, XTO Energy Inc., a subsidiary of ExxonMobil.<\/p>\n

Encompassing more than 185,000 square feet of office space, 714 Main was built in 1921 and renovated in 2010. Its location at 7th and Main streets is only two blocks from the Fort Worth Convention Center.<\/p>\n

More notably, JLL has now negotiated the sale of six of XTO\u2019s office properties in downtown Fort Worth, in conjunction with the company\u2019s relocation of its headquarters to Houston.<\/p>\n

In August, XTO sold the historic WT Waggoner Building<\/a> at 810 Houston St., completed in 1920, to Dallas Stars\u2019 owner Tom Gaglardi\u2019s Northland Properties Corp. The 20-story, 137,500-square-foot building went for an undisclosed price.<\/p>\n

In January, XTO, again with JLL\u2019s representation, sold the Petroleum Building to Sundance Square, which owns and manages 35 contiguous blocks in downtown Fort Worth. XTO also sold three other, smaller buildings.<\/p>\n

DSG did not respond to Commercial Property Executive<\/em>\u2019s request for additional information regarding 714 Main. However, in October the Fort Worth Star-Telegram<\/em> reported that, based on discussions with local officials, DSG appeared intent on redeveloping the building into a 232-key, four-star hotel.<\/p>\n

A delicate, high-stakes process <\/h2>\n

A long-term project to represent a major client in the sale of six buildings in a single market of course presents both challenges and the opportunity for lessons learned. JLL Executive Vice President Ryan Matthews, who headed the project, shared his thoughts on the process with CPE<\/em>.<\/p>\n

First, Matthews noted, \u201cJLL was fortunate to represent a client that didn\u2019t have a specific timeline to divest all six assets<\/em>.\u201d This gave JLL the time to understand the supply and demand correlation and to put just one asset at a time onto the market.<\/p>\n

\u201cIt was apparent early in the marketing process that the hospitality sector was going to have a strong interest in multiple buildings<\/em>,\u201d he continued. Though JLL anticipated that one or two office users might be interested in all or part of one of the larger office buildings, \u201cThe hospitality use ended up being able to attribute more value to the buildings, because the only alternative was new construction<\/em>.\u201d<\/p>\n

One issue for the whole process, Matthews explained, was the appraisals. \u201cThe lack of comparable building sales of this size, finish and location made the building valuations difficult<\/em>.\u201d<\/p>\n

In the end, he said, \u201can open bid process was required to establish market value for each of the buildings and ensure that XTO was getting equitable compensation for these unique properties.<\/em>\u201d<\/p>\n

Image courtesy of JLL<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The sale of the historic 185,000-square-foot property caps JLL\u2019s disposition of six downtown office buildings for XTO Energy.<\/p>\n","protected":false},"author":882,"featured_media":1004283251,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21743,21808,21783,21742,21747],"tags":[34378,32796,39225],"class_list":["post-1004283224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-deals","category-featured","category-investment","category-latest","category-office","tag-exxonmobil","tag-jll","tag-xto-energy-incorporated"],"acf":[],"yoast_head":"\nDevelopment Group Buys Fort Worth Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/development-group-buys-fort-worth-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Development Group Buys Fort Worth Tower\" \/>\n<meta property=\"og:description\" content=\"The sale of the historic 185,000-square-foot property caps JLL\u2019s disposition of six downtown office buildings for XTO Energy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/development-group-buys-fort-worth-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-03T12:54:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:42:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/714-Main-St.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"820\" \/>\n\t<meta property=\"og:image:height\" content=\"624\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/development-group-buys-fort-worth-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/development-group-buys-fort-worth-tower\/\",\"name\":\"Development Group Buys Fort Worth Tower - 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