Fort Worth's Oncor Building Hits the Market
September 8,2020
See full D Magazine article by Bianca R. Montes here.
A Fort Worth high-rise is the latest investment property to hit the North Texas market since the start of the pandemic. Joining other notable office buildings put up for sale—Renaissance Tower in downtown Dallas and The Crescent in Uptown—the former Oncor Building is now up for grabs.
The news follows an announcement earlier this summer that anchor tenant Oncor is relocating to 777 Main Street, freeing up nearly 214,000 square feet at the property.
Known today as 115 West 7th Street, property owners Benbrooke Realty Investment Co. has worked to improve the property since purchasing it more than a decade ago by adding ground-floor retail opportunities that are currently leased to PlainsCapital Bank and restaurants Capital Grill and the locally acclaimed Little Red Wasp.
“We saw the potential to create Class A retail on the ground level when we purchased the building over 12 years ago,” said Managing Partner George Ackerman. “Since we embarked on the ground floor renovations, we have attracted some of the highest quality restaurants and banks to downtown Fort Worth. We are very pleased to be able to pass the torch to the next owner and provide them with a high-quality tenant base.
Commercial property firm JLL will market the 300,347 square-foot building. Managing Director Ryan Matthews is leading the sales effort on behalf of ownership.
“115 West 7th will provide a growing list of developers looking in downtown with a rare opportunity to purchase a legacy asset,” Matthews said.
The property was last assessed for $13.2 million by the Tarrant Appraisal District.
Locations Mentioned: The Capital Grille, Little Red Wasp, PlainsCapital Bank