Two 440,000-square foot towers have hit the market in Fort Worth.
According to Younger Partners' Scot Farber and Tom Strohbehn, the 439,801-square-foot Oil & Gas/Star-Telegram Buildings give investors the opportunity to acquire two historic buildings.
The towers, located at 307 and 309 West 7th Street, were built between 1929 and 1954 and are 16 and 19 floors respectively.
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According to Younger Partners, the property is 59% leased to a diverse tenant mix that is anchored by a long-term lease with the General Services Administration's Department of Housing and Urban Development.
"With in-place rental rates that are well below market average, the strength of the area office market provides sound upside potential through repositioning and lease up of the vacant space and renewals at significantly higher rental rates," Tom Strohbehn said.
Younger Partners said the buildings are within walking distance of all of downtown Fort Worth. The buildings are also a short drive from the Fort Worth Convention Center, the Fort Worth Stockyards, and Sundance Square.
"The two-tower complex is a stunning example of art deco and gothic design," Scot Farber said. "Located in the thriving Fort Worth CBD adjacent to the renowned Sundance Square, the property presents a compelling combination of stabilized office space and the value-add opportunity to alter an existing use and reposition one of the buildings to mixed-use by including multifamily or hospitality."