The tallest building in Fort Worth has a commanding position in the city's skyline, but the 1M SF building only commanded a price of about $12 per square foot at a foreclosure auction.

The price per square foot amounted to less than 10% of the previous sale price for Burnett Plaza, which at 40 stories towers over the other buildings in Fort Worth.

The winning bidder was one of Burnett Plaza's lenders: Pinnacle Bank Texas bought back the building at this month's auction with a bid of $12.3M, according to a report in the Dallas Business Journal.

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

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