Ft. Worth Cultural District Redevelopment is Already 50% Leased
Soon to be redeveloped as class-A boutique office, 464 Bailey Ave., the largest office project in the area since the 130,000-square-foot Regions Bank Building was constructed in 2016, is already 50% preleased.
FORT WORTH—Soon to be redeveloped as a class-A boutique office, 464 Bailey Ave. is the largest office project in the area since the 130,000-square-foot Regions Bank Building was constructed in 2016. 464 Bailey was originally designed by Fort Worth architect Preston Geren and built by Byrne Construction in 1954.
There will be an emphasis on keeping the mid-century aesthetic and original building materials, with a blend of the old and new. In addition to upgrades and renovations including onsite shower facilities and a second-floor terrace, the property will also undergo significant expansion, nearly doubling the footprint from 12,000 square feet to 22,000 square feet of office space.
JLL has been retained as the exclusive leasing partner for 300 Bailey and 464 Bailey. Matt Montague and Alec Whitman are leading the marketing and leasing efforts on behalf of ownership group, Mereken Land & Production Co.
“We’ve seen increased demand for quality office space across Fort Worth from established companies experiencing organic growth and new firms entering the market,” said Montague. “Mereken Land & Production is repositioning these assets to meet that demand, and we are excited for the additions and upgrades which will position these office properties for long-term success among the city’s best-in-class.”
464 Bailey is one of the last opportunities to lease a 10,000-square-foot office. Moreover, the redevelopment is already 50% preleased.
“Creatives, i.e., architect, design firms, marketing, advertising/PR, etc. and financial services, banking, engineering are the kinds of tenants that are attracted to this area of Fort Worth,” Montague tells GlobeSt.com. “Really, anyone with a focus on environment and winning the talent recruitment/retention war. Its central location with access to West 7th, downtown, West Fort Worth, museums, adjacent neighborhoods, area amenities, near the river, architecture and overall quality are what make it unique.”
Upon build-out, the property will include views to the east and south of downtown, the West 7th Corridor and museums.
“Its potential is limited only by lack of development land which has caused limited development, a high-barrier of entry, thus higher rents and pressure for premium spaces like we are delivering at 464 Bailey,” Montague tells GlobeSt.com. “464 Bailey is one of the only new office projects under development at the moment. There’s a unique boutique feel and quality, high design, high attention to every detail, outdoor areas, views of downtown and preservation of mid-century architecture from legendary Fort Worth architect Preston Geren. The developer was willing to take the time and money to do something the right way.”
The building is located in Fort Worth’s Cultural District. This is a class-A office destination with access to area amenities and living opportunities.
“10 years from today, I expect it to be more dense and to see more reinvestment/redevelopment of older properties. This is a focus area for Fort Worth real estate investment due to the low risk of the location,” Montague tells GlobeSt.com.
According to JLL Research, new developments in the West 7th/Cultural District area include two hotels, a 117-room all-suite extended-stay hotel already under construction and a proposed 250-room dual-branded Hyatt hotel along West 7th Street.
As of the third quarter of 2019, class-A office space in the West/Southwest Fort Worth submarket had only 5.1% vacancy, the lowest in Tarrant County and the Dallas-Fort Worth metro, says JLL.