The 16-story landmark at 115th W. 7th St. is 90% leased. The White Plains-based Benbrooke started its reign with leasing keys in hand and Trinity Interests in Fort Worth as the property manager.
As would be expected, SCM was up against other local brokerage houses for the win. SCM president Gary Walker credits the plan for an on-site office as the dealmaker. "You never know what the deciding factor is, but that certainly helped show our commitment to Fort Worth and the asset," he tells GlobeSt.com. "Plus it's a big assignment for us so they know they'll have a lot of our focus." Walker and senior leasing executive Theron Bryant are in charge of the account.
Walker says meetings are underway with architects and space planners to come up with an upgrade plan for the lobby and common areas of the 55-year-old building. TXU Corp.'s Oncor division occupies 75% of the building. Although the electric giant has been sold, he says there are several more years left on the lease. "I don't think there's any anticipation of getting any space back," he says.
Should there be a give-back, it shouldn't be too hard to fill since Fort Worth CBD's 7.1-million-sf inventory had just 3.6% of the space unfilled at the end of the third quarter, according to Grubb & Ellis Co.'s market report. As it now stands, the largest open block of contiguous space is 25,000 sf on floors 12 and 13. The quoted rate is $17.50 per sf, full service.
Walker says he's been "pursuing opportunities" in Fort Worth since he moved there last summer. Bryant has long lived on the city's west side. In a city with a close-knit community weighted by locally owned buildings, that kinship is particularly important.
"It was a great beachhead for us," Walker says. "Fort Worth's a great town. We love Arlington and the Mid-Cities, but we're trying to stretch our wings a little."
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