An office building just off West 7th Street has changed hands.
Hahnfeld Hoffer Stanford Architects, a lead tenant in the building, will remain in its current location. Transwestern Real Estate Services (TRS) announces July 19 the sale of 200 Bailey Ave., a three-story, 43,729-square-foot office building, to an undisclosed Fort Worth-based investor. Transwestern’s Kyle Poulson and Gibson Duwe facilitated the transaction on behalf of the seller.
“With roughly 18,000 square feet of vacant space, the buyer is planning to revamp aesthetic features of this building creating a sizable block in addition to smaller suites of office space, which is hard to find in this unique part of Fort Worth,” said Duwe. “Located in a highly desired location on the west side of Fort Worth, we are thrilled for the future of this site for the new buyer and we are excited they saw the tremendous value of this site.”
200 Bailey Ave. is in proximity to notable projects and attractions such as the Modern Art Museum and Crescent Real Estate’s upcoming $250 million Cultural District development. The acquisition of this building presented a unique opportunity to purchase an office property in a market that has maintained 86.8% occupancy with rental rates upwards of $29 per square foot throughout COVID-19.
The undisclosed buyer was represented by Will Martin of W. Martin & Company.