Former Bombay Co. headquarters sold to international investor group

Goff Capital, a private equity firm run by Fort Worth real estate investor John Goff, has sold the office building at 550 Bailey Ave. that it bought out of the Bombay Co.’s bankruptcy in 2007 and renovated into a multitenant building.

Transwestern Investment Group bought the property on behalf of one of its international funds, Diversified International Partners, according to CBRE Capital Markets. The sale price was not disclosed. The Tarrant Appraisal District values the property at $13.9 million.

The seven-story, 122,828-square-foot building once housed the headquarters of the Bombay Co., a home accessories and furnishings store. The retailer shuttered its stores in 2008 but was reborn as an online operation run by a Chicago firm.

The renovation of the headquarters building was finished in 2009. The property includes an adjacent multilevel parking garage.

Goff Capital paid $16.3 million for the property and spent $11 million on renovations and tenant upgrades to bring it to Class A status.

Goff is CEO of Crescent Real Estate Holdings in Fort Worth. He co-founded Crescent with Fort Worth investor Richard Rainwater before taking it public in 1994. It was acquired by Morgan Stanley in 2007 before Goff, in a joint venture with Barclays Capital, bought it back in 2009.

Gary Carr, John Alvarado, Eric Mackey and Robert Hill with CBRE represented Goff Capital in the sale of the office building.

This story was originally published March 20, 2015 at 10:46 AM with the headline "Former Bombay Co. headquarters sold to international investor group."