Sundance Square Assumes 94K SF More Office Space
Sundance Square bought the Petroleum Building, a historic 14-story office property in Downtown Fort Worth, from XTO Energy. The Petroleum Building is the fourth of seven XTO office properties to be sold, the last three of which will hit the market soon.
“We’re very proud of the outcome,” JLL Executive Vice President Ryan Matthews, who is marketing the buildings on behalf of XTO, said in a statement. “XTO hoped to secure a buyer who understood the level of importance the Petroleum Building has for Downtown Fort Worth. Sundance Square obviously fits this profile. We know that this historic asset is in great hands.”
Built in 1927, the Petroleum Building was last renovated in 2004 by XTO. The energy company will vacate the building midway through the year. The 117K SF property has roughly 94K SF of rentable office space, adding to the 3M SF of commercial space already in Sundance Square.
“The availability of the Petroleum Building presented a great opportunity to bring the landmark building into our portfolio,” Sundance Square CEO Johnny Campbell said in a statement.
Also included in the purchase was a 12-story garage with 534 parking spaces and two levels totaling 31K SF that can be used for retail and/or office space.
Office vacancy in Downtown Fort Worth is 11.8% as of Q4, according to JLL research, and the average asking price per SF is $26.67.