A large office building near the Cultural District just sold to a Fort Worth investor
A large office building near Fort Worth’s Cultural District west of downtown sold to an undisclosed local investor.
The purchase price for the three-story building at 200 Bailey Ave. was also not made public. The office market in that area has remained about 85% occupied with rents near $29 per square foot throughout the COVID-19 pandemic, when many companies downsized office space, according to Transwestern Real Estate Services, which brokered the sale.
Roughly 18,000 square feet, or more than a third, of the building is vacant, Transwestern said. That allows the new owner to revamp some office space and offer a large block or smaller office suites. Lead tenant Hahnfeld Hoffer & Stanford Architects will stay in the building.
“Located in a highly desired location on the west side of Fort Worth, we are thrilled for the future of this site for the new buyer and we are excited they saw the tremendous value of this site,” Transwestern’s Gibson Duwe said.
The 43,729-square-foot building is a few blocks from the heart of the Cultural District and the popular West Seventh entertainment district. Transwestern, in a statement, noted Fort Worth billionaire John Goff is planning a $250 million development for his Crescent Real Estate just down the street on Camp Bowie. That project will feature Goff’s headquarters, luxury apartments, a hotel and spa.
