The complex was 68% occupied when it was purchased by RLYB FW Properties, a partnership from New York City, which bought the historic complex from Fort Worth Plaza LP for $26.7 million, or about $60 a sf. The property consists of the 19-story Oil and Gas Building completed in 1954 and the 16-story Commerce Building, which dates to 1930. The two buildings are linked at lobby level and share a common entrance.

Smith says the previous owner, which acquired the property in 1999 with almost full occupancy, allowed the tenancy to slip because it planned to convert the complex into a data communications center. It spent millions of dollars to upgrade the power system and install fiber-optic wiring. But after the dot-com bust of 2001, it put further improvements on hold. About 20% of the space is leased to data storage companies.

According to Smith, the new marketing program strives to take advantage of the power and wiring improvements to land additional data storage tenants, but it tries to appeal to traditional office tenants as well. To attract the latter, RLYB FW will spend several million dollars more to upgrade other building systems such as HVAC, and renovate the lobbies and hallways. "This will be a welcome change to the building," the leasing manager tells GlobeSt.com. "Nothing's been done to the look of the building in 25 years."