Business

Atlanta owner selling 777 Main tower in downtown Fort Worth

777 Main Street, formerly the Carter-Burgess Plaza, is to be sold by year’s end.
777 Main Street, formerly the Carter-Burgess Plaza, is to be sold by year’s end. Star-Telegram archives/Ross Hailey

Atlanta-based Cousins Properties, one of the nation’s largest real estate investment trusts, said late Tuesday that it has contracted to sell 777 Main, the 40-story office tower in downtown Fort Worth, which it bought last year.

Cousins did not name the buyer of the property at 777 Main St., citing a confidentiality agreement. The company said that it has a binding purchase and sale agreement with a nonrefundable deposit and that the deal is expected to close by year’s end.

The nearly 1 million-square-foot Class A office building was 75 percent leased at the end of September, Cousins said.

Cousins bought the building in September 2013 from Fort Worth-based Crescent Real Estate Holdings in a $1.1 billion deal that also included the 4.4 million-square-foot Greenway Plaza, a 10-building office complex near Houston’s central business district.

In October, a local Cousins executive said the company was negotiating the sale of the property, its only Fort Worth asset. A month before, Cousins renewed the ground lease for land where the building sits into August 2030, deed records show.

Also in October, the Downtown Tax Increment Finance board agreed to continue paying to lease 1,000 parking spaces in the parking garage attached to 777 Main through 2025. The lease, worth $250,000 a year for the next five years, allows free night and weekend parking for downtown visitors. That lease will likely be assigned to the new owner.

Built in 1982 by Woodbine Development Corp., the building opened as Continental Plaza and became UPR Plaza in 1998, when Union Pacific Resources was based there. After the energy firm was bought and moved to Houston, the building was renamed Carter Burgess Plaza in 2000. It was renamed 777 Main in April 2012. Jacobs Engineering, Frost Bank and the upscale restaurant Grace are among tenants.

Cousins owns 2100 Ross, a 33-story office tower in the Dallas Arts District, as well as office buildings in Richardson and Austin. About a month ago, Houston-based developer Hines said it was partnering with Cousins to build a 23-story office tower called Victory Center in Dallas’ Victory Park development. That building won’t be completed until 2017.

Sandra Baker, 817-390-7727

Twitter: @SandraBakerFWST

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