The asset's owner, Mallick Tower Inc. of Duncanville, TX, had its well-known in-house property manager Dee Knight at the helm of the class B tower at 101 Summit Ave. since 1974. "It's a staple in Fort Worth so for us to lease and management it is a great opportunity," says Matt Carthey, Holt Lunsford's managing principal in Fort Worth, stressing it's the first time the asset has been entrusted to a third-party team.
The 10-story building was in the path of the May 2000 tornado, resulting in a re-build and re-tenanting. Today, it's 97% leased. Teaming with associate Geoff Shelton, Carthey tells GlobeSt.com that "we've got a half dozen leases we need to touch this year" from a renewal standpoint. The roster's profile is a mix of attorneys, certified public accounts, financial services and life insurance companies. The quoted rate is $19.50 per sf plus electric.
Holt Lunsford's six-member Fort Worth team will occupy a 2,500-sf office on the building's fourth floor. The property management office will remain in street-level space.
Carthey says Holt Lunsford, known for acquiring similar-type buildings in Dallas, isn't working a plan to buy the one-owner building in the Downtown. But, he's not ruling out acquisitions in Fort Worth. "We had significant interest in Fort Worth from our third-party clients," he says about the decision to open the office. "We will look for opportunities to acquire."
Mallick Tower is one of the larger assignments that Holt's Fort Worth team has won to date. In another new win, the team got leasing and management rights to is a 45,000-sf office building at 6900 Anderson Blvd., a 67%-leased class C owned by Eastpointe Realty Center LLC of Fort Worth. The building's top two floors are occupied by several government agencies, leaving the first floor for the team's leasing drive. The class C building's quoted rate is $13 per sf.
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