X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FORT WORTH-Sundance Square, a 20-block live-work-play neighborhood, will be adding a 16-story office tower at Lamar and East Third streets in Downtown Fort Worth.

The tower will be named the Carnegie in recognition of its proximity to Fort Worth’s library, whose architecture was inspired by the city’s original Carnegie Library. The area has been well received with occupancy rates topping 95% over the past year.

“We’re very confident this building will be absorbed quickly,” says Johnny Campbell, president and CEO of Sundance Square. “At the beginning of 2004 we were seeing some dramatic increases in vacancy rates when we all thought we’d be seeing something else in this market. But we measured growth and made sure there was never a sprawl or an oversupply in Fort Worth and that’s created some real health in this market.”

Houston-based EOG Resources Inc., an independent oil and natural gas company, has agreed to lease four to six of the building’s floors. EOG currently leases more than 50,000 sf in the Chase Bank and Woolworth buildings, which make up a portion of the more than two million sf of Sundance Square’s existing office space.

Construction on the Carnegie, which will feature ground-floor retail space, will begin this winter with locally based the Projects Group overseeing the addition. It is expected to open in June 2008. The developers are banking on absorption from companies looking for space that provides a Downtown feel with many walkable amenities, according to Campbell.

“One of the very specific questions we get from [potential tenants] is ‘Can we go out into Sundance and walk around through the Square and see what’s available to us?’” Campbell says. “This tells me that the work environment and after-work environment are very important to people.”

The Carnegie, whose numbers have not yet been finalized, will be the third tallest building in the Square. It will join Sundance’s already 1.7 million sf of class A offices, which are comprised of the 38-story DR Horton Tower, the 33-story Wells Fargo Tower and the 12-story Chase Bank Building.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.