Behind the Deal: Overton Centre Spec
After making $3M in capital improvements to the 448k SF Overton Centre since buying the tower in 2012, TLC Urban is now in the initial phases of laying out the 125k to 180k SF Class-A spec office tower in southwest Fort Worth. And you thought planning your Saturday night around watching UNT's Johnny Quinn compete in the bobsled was time-consuming.
Holt Lunsford Commercial’s Matt Carthey (snapped, he's the one who's not a map) is managing and leasing the existing two-tower project at 4100 and 4150 International Plaza in Fort Worth. Matt tells us the big story is the third tower, which will be at the northeast corner of the new Chisholm Trail Parkway (a connector from downtown Fort Worth to Cleburne, which is scheduled to open later this year) and I-20. It will be the first new Class-A office tower along the CTP, Matt says.
Matt says the new tower (rendered here) could be available as early as Q2 '15 with a lead tenant inked. The size will largely depend on pre-leasing, he says. The building is being tentatively designed with 23k SF floor plates, which could be used by a single occupant or multiple tenants (if they agree to coexist without any intra-office shenanigans). The main driving force of the Class-A project is the CTP. The toll road is opening up a market that hasn’t existed before, Matt says. The two existing towers are 95% leased and feature renovated lobbies, common areas, restrooms, modernization of elevators, and deli upgrades. TLC Urban purchased Overton Centre in May 2012.