Anthracite Realty Partners, the real estate arm of oil and gas firm Jetta Operating Co. Inc., has landed a $73.5 million construction loan for the development of the new 25-story Frost Tower Fort Worth building in downtown Fort Worth.
The loan was helped, in part, by the energy company deciding to move its headquarters into 70,000 square feet at the 278,000-square-foot Class AA building at 640 Taylor St. upon completion.
Financial firm Frost Bank also signed onto the soon-to-be built tower for 73,000 square feet of space and taking the naming rights of the property. This will be the second Frost Bank-named tower in Dallas-Fort Worth.
In all, 56 percent of the building is pre-leased by Jetta Operating Co. and Frost Bank.
HFF secured the three-year, floating-rate loan from Bank of the Ozarks on behalf of the borrower, Anthracite Realty Partners. Dallas-based Stream Realty Partners is assisting the firm in the development of the new tower.
Plans for the glass-and-steel tower — the first high-rise development in downtown Fort Worth since 2008 — include 274,000 square feet of rentable office space, in addition to 920 above- and below-grade parking spaces.
The tower will have roughly 32,000 square feet of amenities on the 12th and 13th floors, including a three-meal wraparound restaurant, conference and events center, fitness center and terraces with views of Fort Worth’s skyline. It also includes about 6,000 square feet of ground-level retail space.
Construction is underway and slated for completion in December 2017.
By: Candace Carlisle
SOURCE: Dallas Business Journal