FORT WORTH, TX – May 19, 2021 – Stream Realty Partners (Stream), a national real estate services, development, and investment company, is pleased to announce that Lockton Companies (Lockton), the world’s largest independent insurance brokerage, has signed a lease for 5,000 square feet at Frost Tower Fort Worth, downtown Fort Worth’s only Class AA office tower. Stream represented Anthracite Realty Partners (Anthracite) in the transaction.
Lockton is comprised of over 8,000 associates who advise over 60,000 clients worldwide in risk management, employee benefits and retirement services. Along with its Fort Worth office, Lockton’s footprint in the state of Texas includes offices in Dallas and Houston. Michael Moore, President of Lockton’s Fort Worth office, stated, “As the 13th largest city in the U.S., Fort Worth holds so much potential for Lockton. This new space presents us with the opportunity to continue expanding our team and tapping into our city’s thriving local market of potential clients.”
Frost Tower Fort Worth delivered in 2018, and Lockton’s lease brings the building to nearly 80 percent occupied.
Cody Baker, Director of Real Estate at Anthracite, said, “We maintained healthy leasing activity during 2020 and see the recent surge in deal flow as an encouraging sign of a return to normalcy. It appears the flight-to-quality trend has grown as companies re-evaluate how they think about their office environment. We are excited to announce Lockton’s move to Frost Tower Fort Worth and look forward to providing a building atmosphere that aligns with their great company culture.”
Frost Tower Fort Worth, located at 640 Taylor Street, totals 25 floors; 274,000 square feet of office space; 6,000 square feet of retail space and 920 above and below grade parking spaces. Additionally, the building offers more than 32,000 square feet of amenities on the 12th and 13th floors, including a full-service restaurant Branch & Bird, PalmWood Event & Conference Center and a tenant exclusive fitness center.
The Fort Worth market has not been heavily impacted by an influx of sublease space hitting the market, unlike other cities across the country. Only 1.7 percent of Fort Worth’s total office inventory and 1.6 percent of Downtown Fort Worth’s office inventory is currently being marketed as available for sublease, while other major markets across the U.S. are seeing sublease totals anywhere from 12 to 34 percent.
Cullen Donohue, Senior Associate with Stream’s Fort Worth office, said, “Sublease space is always a good indicator of a market’s health and juxtaposed with the flight-to-quality trend, the latest technology and prime location, Frost Tower Fort Worth delivered at the perfect time to provide those business-savvy tenants exactly what they are looking for in their modern work environment.”
Donohue, Seth Koschak, Managing Director, and Chris Doggett, Executive Vice President, with Stream represented the landlord. Matt Carthey, Partner at Holt Lunsford Commercial, represented Lockton.