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Firm successfully negotiates sale of Petroleum Building and three other XTO properties
Fort Worth, January 29, 2018 – JLL experts announced today the sale of historic downtown Fort Worth office property, the Petroleum Building, on behalf of XTO Energy Inc. The centrally located, 14-story office property and accompanying 12-story executive garage have been acquired by Sundance Square. Sundance owns and manages 35 contiguous blocks within downtown Fort Worth.
JLL Executive Vice President Ryan Matthews represented XTO Energy Inc. in the transaction and led the team's marketing efforts.
"We're very proud of the outcome," said Matthews. "XTO hoped to secure a buyer who understood the level importance the Petroleum Building has for downtown Fort Worth. Sundance Square obviously fits this profile. We know that this historic asset is in great hands."
With the closing the Petroleum Building and executive garage, JLL has now successfully completed the disposition of four of the seven XTO office properties totaling 281,204 square feet of office space in Fort Worth including:
The remaining assets are expected to go to market over the coming months, with Matthews leading marketing efforts.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
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