Bass Team Showcases 280,000-SF Trophy Office

More than 100 guests attended yesterday's "bottoming out ceremony" for the 16-story Carnegie, going up on a hard corner at Third and Taylor streets where the event was held. The design blends traditional elements with the 21st Century, incorporating Schwarz's trademark stamp for "new orders"--areas most often defined by columns--and a domed lobby. Inside the brick-and-limestone skin will be 13-foot floor-to-deck ceiling heights, high-speed elevators and energy-efficient technologies. And for Sundance Square, there will be an additional 12,549 sf of retail at the building's base in the 20-block CBD, which historically bumps 100% occupancy for its shop space. The Carnegie is penciled to open in June 2008.

"It's truly a class A plus by any standards," Bass tells GlobeSt.com, keeping the project cost close to his vest. "The cost on a building like this can vary three to one depending on the area." It's a medium-size office building, he adds, that's well-suited to the Sundance Square streetscape, with its two million sf of Downtown office space at 97% occupancy and ranked as the nation's best in 2006 by Moody's.

Schwarz says he drew on the city's architecture to design the Carnegie's exterior. And its interior, he stresses, is "environmentally responsible" from the mechanical systems to natural lighting, including the use of some recyclable materials.

Moncrief, Bass and Sundance Square president and CEO Johnny Campbell tell GlobeSt.com what appeals to them most about Schwarz's trophy design...

From the mayor's perspective: "It's the sense of place. It looks like it's been here. It reflects our heritage with the architecture as well as the materials. Bricks are important to Fort Worth. It's not just a sheet of solid glass and it depicts the individualism it will contain."

From Bass' perspective: "It's the exquisite execution of the architectural tradition in high-rise buildings that began with Louis Sullivan and the Chicago School of Architecture and at the same time reflects those traditions as they were adapted in a unique way in Texas."

From Campbell's perspective: "The building is very efficient, gross to net is less than an 8% difference. For me, I'm in the sales business. What matters to me is what happens when we take it to the market: does the customer like it? And right now, the customer likes it."

Campbell says the Sundance leasing team has 25 to 30 prospects on the waiting list. One multi-floor office deal is close to a signing as is a retail lease. "We are 45% committed or in signed letters of intent on leases today," he says.

Bill Booker, Sundance Square's leasing director, says the prospects are overwhelmingly office users. He predicts the next deals will be inked within one month. The quote is $27.50 per sf plus electric and $25 per sf for the tenant-improvement allowance on the office space. As for the retail quote, the Sundance team never says anything beyond that it's negotiable.

The Carnegie's lead tenant was announced last August when oil-and-gas company EOG Resources Inc. preleased six floors or more than 100,000 sf. The Houston-based company, which opened a Fort Worth office two years ago, currently occupies 50,000 sf in two Sundance Square buildings.

"This is truly a landmark day," Bass told the crowd, citing the "step-by-step success" of public and private partners over a 30-year period to revitalize Sundance Square. "Most people have mistaken this as an overnight success. It's taken three decades. And it's taken 20 years for the market to absorb the class A office space that was built in the 1980s. With the Carnegie, we are proud to give new product."

The Washington, DC-based Schwarz has been a major architectural influence in North Texas, with his credits including the Nancy Lee and Perry R. Bass Performance Hall in Fort Worth, American Airlines Center in Dallas and the Ballpark at Arlington, home to the Texas Rangers. The rest of the Carnegie's project team reads like a "Who's Who" of the city. Owner of record is Sundance Square Management; developer of record is Fine Line Diversified Development. Also local are general contractor Linbeck and project manager, the Projects Group. The interior architect is BOKA Powell of Dallas.