Behringer Harvard Negotiating $172M Deal for Burnett Plaza

Behringer Harvard has $16 million of earnest money resting on the close, a prime piece of real estate on 2.2 acres in a CBD with just 4.5% vacant in its 4.78-million-sf office inventory. The 801 Cherry St. landmark is pushing 98% or more in its 1.02-million-sf footprint. Behringer Harvard always plays it close to the cuff until its deals close, but the market and the SEC filings lay out the tentative plan.

"We are always scanning North Texas for attractive investments," Jason Mattox, Behringer Harvard's senior vice president, tells GlobeSt.com. "We do believe the Dallas/Fort Worth marketplace holds continued growth and the right demographics." Fort Worth has been "a sleeper city" despite its high occupancy rate and rising office rents, he says, pointing out that more investors should be paying closer attention to its stats.

For the first time in its history, Fort Worth's class A office inventory has hit $25 per sf. Space in the 40-story Burnett Plaza is quoted at $18.50 per sf, according to the North Texas Commercial Association of Realtors' database. Despite the obvious upside, local pros will confirm Fort Worth isn't the easiest territory to crack, given the Bass Family's foothold on the lion's share of the city's property base.

Behringer Harvard's SEC filing points to the usual roster of positives for closing such a high-profile deal. The landmark, built in 1983, is touted as the largest building between Dallas and Los Angeles.