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Sunday, January 24, 2021

JLL selected to sell Petroleum Building, parking garage for XTO

JLL on Aug. 1 announced the firm has been selected to sell the Petroleum Building and adjacent parking garage on behalf of XTO Energy Inc. The 14-story office property at 210 W. Sixth St. and 12-story garage are centrally located and comprise one city block in downtown Fort Worth.

JLL Executive Vice President Ryan Matthews will lead the marketing efforts.

“We are proud to play a role in the transition of this tremendous asset,” said Matthews. “The region continues to benefit from rapid growth, a strong, diversified economy and job gains. The assets provide tremendous value-add opportunities and potential for attracting a number of local and regional users and investors.”

“We are very pleased to be working with XTO, JLL and the Fort Worth Chamber of Commerce to ensure the best use of these strong downtown assets,” said City of Fort Worth Economic Development Director Robert Sturns.

The Petroleum Building includes nearly 94,000 square feet of rentable office space. The adjacent parking garage provides 534 parking spaces, and is connected to the Petroleum Building by an enclosed skywalk. The garage also offers two levels of retail or office space totalling 31,175 square feet of rentable space with an additional 23 parking spaces on the adjacent surface lot at the corner of Fifth Street and Throckmorton.

“The Chamber, City, JLL and XTO Energy are working together to aim for the highest and best use of these buildings,” said Fort Worth Chamber of Commerce Executive Vice President of Economic Development Brandom Gengelbach. “The beautifully restored art deco Petroleum building — with its one-block footprint, adjacent garage, and proximity to Sundance Square, City Hall and the Convention Center – opens up opportunities for corporate relocations as well as expanding local companies.”

The building was designed by Wyatt C. Hedrick and opened in 1927.

In mid-June, XTO Energy’s parent company, Exxon Mobil Corp., said it will relocate about 1,600 jobs in its Fort Wort-based XTO division to the Houston area over the next three years, vacating much of the space the division has leased in downtown Fort Worth.

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