Transwestern Real Estate Services (TRE) has announced its investment sales and mortgage finance team has executed the sale of the three-building, 1.39 million-square-foot office campus that formerly served as the world headquarters for American Airlines Inc. and American Airlines Federal Credit Union.
With the sale, Transwestern takes over leasing and property management on behalf of the new ownership, the company said in a news release.
Transwestern Managing Director Mike Hardage facilitated the transaction to Austin-based Capital Commercial Investments Inc. in conjunction with Troy Barron from Weston Commercial Real Estate. Transwestern Principals Alan Harrington and Steve McCoy, and Senior Analyst Brooks Creech, provided additional support. The sale price was not disclosed.
“We are pleased Capital Commercial Investments saw the immense value in this iconic property,” said Hardage. “Dallas-Fort Worth has a prolific track record as a top U.S. metro for corporate relocations. As the former home of American Airlines, a renowned Fortune 500 company, the opportunity to acquire an airport-peripheral office campus within one of the world’s most dynamic economies was very compelling.”
The 40-acre campus, which also includes 6.33 acres of undeveloped land, is located at 4333, 4255 and 4151 Amon Carter Blvd. in Fort Worth, just three miles from Dallas-Fort Worth International Airport.
The campus is one of the few large blocks of contiguous space in the Dallas-Fort Worth Metroplex and is equidistant between Dallas and Fort Worth. Additionally, the Trinity Railway Express (TRE) commuter train and station are only a 14-minute walk and offer 30-minute rides to both cites.
The buildings feature irregular dodecagon-shaped floorplates with four wings of office space affording 12 sides of glass windows. Additionally, the property has an underground pedestrian tunnel connecting all three buildings.
Transwestern said that prior to the sale, it’s in-house engineering and capital markets experts collaborated to identify the property’s maintenance needs and explore options for debt and equity underwriting.
With the purchase, Capital Commercial Investments plans to renovate the entrance lobbies, build out model suites and common areas, and enhance existing lighting throughout the buildings.
“Capital Commercial Investments is well positioned to meet its goal of filling the buildings with large tenants that are looking for exposure to both Dallas and Fort Worth labor markets,” said Hardage. “The company did an outstanding job of executing the acquisition given the unusual economic circumstances.”
Transwestern’s Duane Henley and Nathan Durham will provide leasing services, with property management led by Becky Dennis.
Transwestern Real Estate Services is part of the privately held Transwestern companies, which operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore.