The tower will be named the Carnegie in recognition of its proximity to Fort Worth's library, whose architecture was inspired by the city's original Carnegie Library. The area has been well received with occupancy rates topping 95% over the past year.
"We're very confident this building will be absorbed quickly," says Johnny Campbell, president and CEO of Sundance Square. "At the beginning of 2004 we were seeing some dramatic increases in vacancy rates when we all thought we'd be seeing something else in this market. But we measured growth and made sure there was never a sprawl or an oversupply in Fort Worth and that's created some real health in this market."
Houston-based EOG Resources Inc., an independent oil and natural gas company, has agreed to lease four to six of the building's floors. EOG currently leases more than 50,000 sf in the Chase Bank and Woolworth buildings, which make up a portion of the more than two million sf of Sundance Square's existing office space.
Construction on the Carnegie, which will feature ground-floor retail space, will begin this winter with locally based the Projects Group overseeing the addition. It is expected to open in June 2008. The developers are banking on absorption from companies looking for space that provides a Downtown feel with many walkable amenities, according to Campbell.
"One of the very specific questions we get from [potential tenants] is 'Can we go out into Sundance and walk around through the Square and see what's available to us?'" Campbell says. "This tells me that the work environment and after-work environment are very important to people."
The Carnegie, whose numbers have not yet been finalized, will be the third tallest building in the Square. It will join Sundance's already 1.7 million sf of class A offices, which are comprised of the 38-story DR Horton Tower, the 33-story Wells Fargo Tower and the 12-story Chase Bank Building.
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