XTO’s his­toric 714 Main build­ing sold and might be­come a 4-star ho­tel

Star-Telegram - - Business - BY BILL HANNA bill­[email protected]­gram.com This re­port in­cludes in­for­ma­tion from the Star-Tele­gram ar­chives.

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.

BILL HANNA bill­[email protected]­gram.com

Lo­cated at the cor­ner of 7th and Main street, 714 Main has been sold to a Mem­phis ho­tel de­vel­oper.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.