James M. Eagle, who left the top slot in Trammell Crow's Fort Worth office just weeks ago, is now president of Red Oak Realty, a full-service company formed with backing from a longtime local client, the Darden family. Red Oak Realty will lease and manage the lone office asset as it scouts Texas for acquisition and development opportunities.
First on the "to do" list is to find and sign tenants for Water Place Gardens, a 60%- occupied, 86,000-sf office building at 100 E. 15th St. in Fort Worth. That serves as the immediate mission whereas the second assignment will take some time as Eagle and the team he's poised to hire fine-tune the plan for 300,000 sf of retail, residential and office in the heart of Fort Worth South. Eagle says the development opportunities could start to break in the coming months for what is viewed as the largest infill site, 12 acres, in the hospital district.
Eagle has been courting seasoned brokers for the team and plans to announce his first hire later this week. In the coming months, he will add a construction manager, financial analyst and a couple more brokers. As the team grows, so will the company's appetite for office properties not just in second-tier Texas cities, but outside the state's bounds such as Oklahoma City and Baton Rouge, LA.
The Darden family is a low-profile private investment group with majority ownership in Quicksilver Resources, a natural gas and crude oil producer. The family backed Red Oak Realty because it wanted to diversify holdings, says Eagle. "It's a long-term relationship that's now come to fruition," the 26-year professional tells GlobeSt.com of the binding ties that started the firm, which has set up the office in Water Gardens.
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