XTO Energy has sold a parking garage it has under construction in the heart of downtown Fort Worth to a privately held Houston-based real estate investment firm.
The planned nine-story garage — located near other XTO buildings on a block bounded by Sixth and Seventh streets, and Throckmorton and Houston streets — was sold to Woodbranch Management in early February, shortly after construction started, according to deed records.
XTO, which is owned by Exxon Mobil, confirmed the sale. A sales price was not disclosed.
Suann Guthrie, an XTO spokeswoman, said the company now “is working with a developer to construct” the 833-space garage. The first level is slated for shops and restaurants.
XTO decided to build the garage in an effort to alleviate parking concerns for its employees, who are spread among several buildings. The new garage will still be for its employees only, but XTO will lease the space from Woodbranch, Guthrie said.
XTO had been using the land as a surface parking lot since the 30-story Landmark Tower, which once stood there, was imploded in 2006. XTO employees park on several surface lots, but also in the garage attached to the Petroleum Building, just north of the garage now under construction.
A copy of the lease filed with Tarrant County shows that the lease runs through May 31, 2037, with options for renewal. XTO will also have first right of refusal if Woodbranch decides to sell it, the document said.
Woodbranch President Philip Schneidau did not return phone calls seeking comment on the deal. The deal was financed with CGA Mortgage Capital in Baltimore, records show.
XTO began pursuing the project nearly a year ago. The project received required city approvals in December. It is scheduled to be completed by the end of the year.
Woodbranch owns several office buildings in Houston, including two downtown Houston parking facilities, according to its website.