Brookdale Group completes acquisition of 777 Main Street tower
January 20,2015
Reposted from Fort Worth Business Press
777 Main office tower in downtown Fort Worth has a new owner, with The Brookdale Group’s newly formed seventh investment fund closing on the 40-story property, the fund’s first acquisition.
The 525-foot skyscraper’s acquisition comes with the formation of the Atlanta firm’s seventh fund, known as Brookdale Investors Seven LP. The Fort Worth deal marks the largest in Brookdale’s 20-year history.
At the time of acquisition, 777 Main was 76 percent leased to businesses including XTO Energy, FTSI, Frost Bank and Jacobs Engineering, as well as The Petroleum Club.
The property, built in 1982, offers 954,895 square feet of Class A office space and occupies all or a portion of four city blocks.
“The purchase of this iconic tower in the thriving Fort Worth market anchors Fund Seven’s investment portfolio with a prestigious asset that will be managed by Cushman & Wakefield and leased by Transwestern,” said Fred Henritze, co-founder, president and COO of Brookdale, commenting in a news release.
Upon its formation on Dec. 11, 2014, Brookdale Investors Seven LP raised more than $516 million from the firm’s principals and 18 institutional investor partners.
A. Lee Graham