JPMorgan Signs As Anchor Tenant At New Fort Worth Building From John Goff's Crescent Real Estate
JPMorgan Chase will anchor a new office building to be built by billionaire John Goff’s Crescent Real Estate that could play a starring role in Fort Worth’s Cultural District rebranding itself as an emerging financial district.
The office building is set to break ground Wednesday in the Crescent Fort Worth mixed-use development on the west side of the city.
The building will feature 170K SF of office space, two restaurants and a gym, Bloomberg reported. Work on the $70M building is expected to wrap up in early 2027, according to a filing with the Texas Department of Licensing and Regulation.
JPMorgan will take three floors of the eight-story building, doubling the company's current footprint in Fort Worth’s Sundance Square neighborhood. While the company’s downtown office is used by around 160 people, JPMorgan Chase officials expect around 300 to be regulars at its new digs.
“With all of the businesses already in the first phase of Crescent offices, something of a financial district is forming just adjacent to the Fort Worth Cultural District,” Elaine Agather, chairman of the Dallas region for JPMorgan Chase, told Bloomberg. “We are going to be a major part of it.”
Charles Schwab Corp. relocated its headquarters to the Fort Worth suburb of Westlake several years ago.
The new building will join a 200-room hotel, 168-unit multifamily building, a Canyon Ranch spa and an existing office building in the $275M Crescent Fort Worth development.
“The momentum of Crescent and Fort Worth continues,” Goff said.
The city’s population surpassed Austin’s last year, according to Texas Demographic Center data, making it the fourth-largest city in the state.
That growth coincided with office leasing increasing in the city. Q1 was the first quarter since the beginning of 2020 to see more space leased than what became available. Around 18% of the city’s office space is empty, though new properties and high-end developments are being snapped up at a quicker pace than older product, according to a JLL report.
The Crescent groundbreaking is just the latest in a series of developments planned for Fort Worth's Cultural District and downtown area.
Transwestern’s Merrimac mixed-use development will feature a seven-story residential building and 52K SF of retail space along a 10-acre triangular site off Old University Drive and Merrimac Circle.
Developer Phoenix Property Co. and property owner Montgomery Corner LLC are planning a mixed-use development featuring a 12-story hotel, retail space and a separate multifamily building at the site of the Montgomery Street Antique Mall.
Dallas-based Dart Interests scooped up four parcels totaling 4.6 acres late last year with plans to “enhance vibrancy” in the downtown area.
Fort Worth has more than $2B in downtown development on the way, including work that will reimagine Panther Island as a mixed-use waterfront district.
