TLC Urban, the Fort Worth real estate investment firm that bought Overton Centre last year, is getting closer to building a third office tower at the southwest Fort Worth office complex.
Tony Landrum, TLC Urban's managing partner, said the firm is still looking for a lead tenant, but that could happen this year. If so, construction would begin soon thereafter and the building would be completed in the third quarter of 2014.The developers are counting on growth in southwest Fort Worth and the impact of the new Chisholm Trail Parkway to drive demand for the project.The building will be the same rectangular shape as the other two Overton Centre office towers, but with a more modern design, he said. It will be between 100,000 square feet to 180,000 square feet and include a parking garage.Overton Centre I & II, both nine-story officer towers off Hulen Street just north of Interstate 20, are 93 percent leased and have been undergoing some major renovations since TLC Urban bought the property. The buildings total 447,917 square feet of space.The 24.5-acre site also includes a computer center.Pioneer trims backFirst, Irving-based Pioneer Natural Resources tried to sell its 5-year-old holdings in the Barnett Shale but scrapped the attempt on Jan. 31 when it didn't get a good enough offer after four months of trying.Now the Barnett has bit back.Wednesday, Pioneer said it took noncash impairments totaling nearly $160 million on its Barnett Shale properties in the fourth quarter of 2012. That trimmed the independent producer's quarterly net income to $29 million.Pioneer said it made the Barnett writedowns, which come to $101 million after taxes, after it decided not to sell the holdings and reduced their value on the books "to their estimated fair value."It has 82,000 net acres in the northwestern portion of the Barnett, the field's "combo play" of natural gas and oil, Pioneer says. It averaged daily production of 9,000 barrels of oil equivalent in the Barnett in the fourth quarter, up from 7,000 a day in the third quarter and expects production in 2013 of between 9,000 and 12,000 barrels of oil equivalent.Right now, it's operating one rig in the field, but plans to run two in the second quarter to hold what it has identified as its best acreage.Pioneer announced a 2013 capital budget of $3 billion, including $2.75 billion for drilling. It plans to spend $185 million in the Barnett Shale.Pioneer also said Wednesday that it plans to sell as many as 9.2 million shares. The proceeds will fund its capital budget and help reduce debt, it said.Sandra Baker, 817-390-7727sabaker@star-telegram.comJim Fuquay, 817-390-7552jfuquay@star-telegram.comBarry Shlachter, 817-390-7718barry@star-telegram.comHave more to add? News tip? Tell us
