XTO’s historic 714 Main building sold and might become a 4-star hotel
The historic 714 Main building, owned by XTO Energy Inc., was sold Thursday to Memphisbased DSG.
The 24-story building, which is at the corner of Main and 7th Streets, contains 185,000 square feet of office space.
In October, the Fort Worth City Council considered incentives to DSG to transform the office space into a a 232-room, four-star hotel that would include a restaurant, bar and meeting space.
“We go around the country looking for beautiful historic buildings and 714 Main certainly fits the bill,” DSG CEO Gary Prosterman said in October. He emphasized that there are no plans to change the facade. “You’ve got to respect the building’s heritage.”
In a news release, JLL Executive Vice President Ryan Matthews, who represented the energy company in the sale, said the landmark building is an asset in the heart of downtown Fort Worth.
“As one of the largest, historically registered buildings in downtown Fort Worth, 714’s redevelopment upside is significant and has the potential to be a truly transformational project for our city,” Matthews said. “Its centralized location and the opportunity for its redevelopment make 714 Main an outstanding investment for the new owners.”
When it was completed in 1921, 714 Main was known as the the Farmers Mechanics National Bank Building and was the tallest building west of the Mississippi River.
JLL has now sold six of XTO’s office assets in Fort Worth, including most recently the historic WT Waggoner Building at 810 Houston Street to Dallas Stars’ owner Tom Gaglardi’s Northland Properties group in August. With the sale of 714 Main, XTO has completed the sale of its downtown buildings related to the company’s headquarters move to Houston.
The remaining XTO’s Central Division employees now occupy the Simpson building.
Located at the corner of 7th and Main street, 714 Main has been sold to a Memphis hotel developer.