By: Malcolm Mayhew
Northland Properties Corp., owner of the Dallas Stars hockey team, has purchased the historic WT Waggoner Building in downtown Fort Worth, the fifth sale in the central business district by XTO Energy.
Northland also is parent of Sandman Hotel Group, The Sutton Place Hotels, Moxie’s Grill & Bar, and Shark Club Sports Bar & Grill.
Ryan Matthews, a JLL executive vice president, represented XTO and is agent for the company in the sale of the company’s seven downtown Fort Worth assets as the company consolidates into its Exxon Mobil parent. David Walters and Marty Neilon of CBRE represented Northland.
"In addition to its iconic status as one of downtown Fort Worth’s most recognizable and historic buildings, the WT Waggoner Building’s centralized location and the potential for future development on the remainder of the block make this a terrific investment for the new owners,” Matthews said in a release.
“Throughout the transition process, XTO has been careful and mindful in identifying a partner who will ensure the integrity of these assets for the betterment of our city. We are proud of the result for all of those involved.”
The WT Waggoner Building, first occupied in 1920 by Continental National Bank, has 119,846 square feet of office space. The ground floor bank and elevator lobby was restored in 2003. The sale includes an adjacent surface parking lot.
“The historical relevance of the WT Waggoner Building makes this the perfect hotel asset for us,” Tom Gaglardi, Northland CEO, said in a release. “With the opening of our first hotel in Plano in the next few weeks, we are excited to continue to expand throughout Texas, and we think Fort Worth is a fantastic market for us to grow into.”
In January, JLL announced it sold XTO’s historic Petroleum Building downtown, a 14-story office building, to Sundance Square. Sundance also purchased a 12-story executive garage in the transaction, and today owns and manages 35 contiguous blocks downtown.
JLL has also represented XTO in the sale of the Binyon-O'Keefe Building at 210 East Seventh Street, former Swift & Co. Building at 600 East Exchange Street in the Fort Worth Stockyards; and Montgomery Ward/Tindall Storage building at 801 Grove Street downtown.
By: Malcolm Mayhew