CRE Moves Put Office, Hospitality, and Historic Assets in Play
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From a futuristic hospitality concept to a sky-high office transaction, there’s been plenty of CRE activity making headlines in the D-FW and shaping the metro’s property landscape.
Here are some of the big recent developments — so to speak — in commercial real estate to make waves in the Metroplex as we head into the last month of summer:
Tech-Driven, Sports-Focused Hospitality Is Coming to Mansfield
A new hospitality concept that merges tech solutions with wellness is gearing up just south of Arlington in Mansfield’s $2.5 billion Staybolt Street District.
Dallas-based House of Tangram got its hands on 30 acres of land where the development firm plans to construct an over-33,000-square-foot convention center and a 288-room high-tech hotel targeting athletes. The convention center will be owned by the City of Mansfield but operated by House of Tangram’s hospitality brand Carbon.
“When the City of Mansfield reached out, we listened to what they needed and worked with the staff and council to curate what they asked for: a pioneering mixed-use destination positioning the district as one of the most ambitious sports-anchored, technology-integrated hospitality developments in the United States,” said House of Tangram founder, CEO, and project developer Shawn Ellis, according to a news release.
The hotel will be tailored for guests engaging in “competitive travel,” with AI-driven features designed to ensure “personalized recovery environments, real-time biometrics, and climate systems that adapt to each guest.”
Staybolt Street District is a top priority for officials in Mansfield who feel the planned mixed-use development will put the town on the map, piggybacking off Arlington’s reputation for entertainment and sports.
“Carbon and the surrounding development represent a shared bold vision for the future of our community,” said Jason Moore, the executive director of the Mansfield Economic Development Corporation. “We believe it elevates our regional identity, expands our hospitality and tourism economy, and creates a vibrant hub for commerce, entertainment, and innovation. We are excited to see this catalytic investment come to life in Mansfield.”
The Mansfield City Council signed off on an amended master plan agreement for the project at its meeting last week. The convention center and hotel will be adjacent to the upcoming multisport stadium set to open next year. Two multifamily housing developments are also in the pipeline for the Staybolt Street District.
Uptown Tower Sale Sets the Bar for Office Transactions in 2025
The Link at Uptown, a 25-story office tower at 2601 Olive St., was recently sold for $218 million, marking the biggest office transaction clocked so far this year in D-FW.
While office real estate has struggled in Dallas and the broader Metroplex (really the country as a whole since the pandemic), Uptown has maintained itself as a desirable neighborhood for companies to set up shop.
Even businesses previously based out of downtown Dallas have been relocating to fresh digs in the upscale public improvement district. No wonder Cousins Properties Inc., The Link’s buyer, thought well enough of the property and its surrounding area to pick it up as an asset.
“We are excited to grow our presence in Dallas, and particularly the dynamic Uptown submarket, with the acquisition of The Link,” said Cousins Properties president and CEO Colin Connolly, according to a press release.
Some 19,000 people live in Uptown, which also serves as home base for hundreds of businesses that employ tens of thousands of workers across roughly 1 square mile of Dallas. Kelem Butts, the new executive director of Uptown Inc., previously told CandysDirt.com that his organization has focused on making the area “the premier live-work-play neighborhood in Dallas.
“I think that businesses see that and are attracted to what we have to offer,” he said.
Newmark Group Inc. helped broker the sale of the 292,000-square-foot office tower, which was owned by Kaizen Development Partners.
“We look forward to the continued stewardship and success that The Link will experience under the new ownership of Cousins, one of the most respected and successful public REITs in the world today,” said Chris Murphy, Newmark Group’s vice chairman, per Dallas Business Journal.
Downtown Fort Worth’s Historic Bob R. Simpson Building Goes Up for Sale
The largest registered historic building in downtown Fort Worth is now on the market. After owning the Bob R. Simpson Building for more than 20 years, XTO Energy has decided to sell the 11-story, 101,390-square-foot structure, which dates all the way back to 1910 when it was christened as the headquarters for First National Bank of Fort Worth.
JLL’s Ryan Matthews and Cannon Camp are marketing the property.
“110 W. 7th is a great opportunity to own a landmark building in the core of downtown Fort Worth,” Matthews said, according to Fort Worth Inc. “The next owner has the option to knock out the interiors and keep it as office space or continue the path of converting the building to hospitality or residential.”
Office conversions seem all the rage these days since the remote work and hybrid schedule took hold of the labor market in the aftermath of the pandemic.
The building has undergone multiple transformations over the decades, including a controversial renovation in the 1960s that dramatically altered the facade and interior. For its part, XTO Energy undertook an extensive renovation when it bought the property in 2003, which included uncovering the remains of the original banking hall. The building served as the company’s regional headquarters.
Now, some lucky buyer has the opportunity to take an iconic bit of downtown Cowtown CRE just steps from Sundance Square and the Fort Worth Convention Center and put their mark on the city center.
