TLC Urban, a Fort Worth-based real estate investment firm, has increased its local holdings by buying the two-tower Western Place office complex along the West Freeway in Fort Worth.
The two 10-story towers, at 6000 and 6100 Western Place, total about 427,000 square feet and were more than 90 percent leased at the time of the sale. A sales price was not disclosed, but TLC Urban did assume a commercial mortgage-backed securities loan as part of the deal, said Tony Landrum, TLC Urban’s managing partner.
“We like Fort Worth and we especially like suburban office buildings,” Landrum said. “The partners decided to go after” Western Place.
Building tenants include Lockheed Martin and BAE Systems. The building will be managed by Lincoln Property Co.
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Western Place was sold by Sovereign Capital Management Group of San Diego, which had owned the property since 2012.
Western Place was built in 1978 and was the headquarters for Western Co. of North America, which later moved to Houston. It has also been owned by Travelers Insurance Co., Texas Health Resources and Skyrise Properties in Dallas.
TLC Urban also owns Overton Centre I & II, two nine-story office towers off Hulen Street just north of Interstate 20. The firm is also planning an office and hotel development off Camp Bowie Boulevard in the Museum District.
Creighton Stark, Mark McEwen and Ben Lurie of Colliers International’s Capital Markets Group negotiated the Western Place sale.