Loutex Fort Worth, the property owner, will immediately starttalks with several other interested parties, Bill Lawrence,spokesman for TC Dallas/Fort Worth Investment and Development, toldGlobeSt.com. "There is considerable interest from other groups," hesays.

|

"We are very disappointed that we were unable to purchase thebuilding," Jim Eagle, TCC-Ft. Worth, says in a prepared statement."We would like to have been able to restore the building to aclass-A facility." A reason for the decision is not being given,but Eagle did say that Loutex had shown "excellent cooperation"during the months of talks.

|

The Aug. 31 sales pact had hinged upon due diligence findings,which have repeatedly stalled the acquisition's final signing. Aclosing had been predicted for Dec. 15.

|

Loutex Fort Worth had placed the 35-story, 487,000-sf tower onthe market in late August after determining it would be too costlyto repair it. The Bank One Tower is positioned in the heart of thecity's CBD and includes a 134,000-sf supplemental structure andsix-story parking garage. Trammell Crow had been Loutex's propertymanager for the Throckmorton St. holding.

|

Taking the structure back to its pre-tornado state is projectedto have cost well in excess of $35 million, the appraised value ofthe entire property. The March 28 tornado had shattered 3,200 ofthe tower's 3,400 large glass windows and wreaked havoc with theHVAC system in that damaging molds had been detected. The structurehad stood idle during cleanup and basic shoring of the city's CBD,which had sustained an estimated $500 million in damages. Loutexhad blamed its decision to sell the building and abandonrehabilitation work on the costly, but necessary rehab of thetower's HVAC system.The tower had been 93% leased at the time thetornado ripped through the region, leveling buildings, tearing offroofs and shattering skyscraper windows in the downtown. Theadjacent building and parking garage had not sustained major damageby the tornado.

|

Loutex had acquired the Bank One tower, valued at $30 million,in an 11-building portfolio buy in 1998 from Bank One Corp. Theglass octagon tower, which opened in 1974 as the Fort WorthNational Bank, is the design of Atlanta architect John Portman.

|

If it had gone through, the acquisition would have marked TCC'ssecond CBD purchase in Ft. Worth. Earlier this year, the companyhad bought the Neil P. Anderson Building.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.