Renovation and expansion announced for office asset in Fort Worth’s Cultural District
JLL retained as exclusive leasing partner for 300 Bailey and 464 Bailey
FORT WORTH, March 20, 2019 – JLL announced today the firm has been retained as the exclusive leasing partner for 300 Bailey and 464 Bailey located in the Cultural District of Fort Worth.
JLL’s Matt Montague and Alec Whitman are leading the marketing and leasing efforts for both properties on behalf of ownership group, Mereken Land & Production Co.
The firm also announced redevelopment plans for 464 Bailey today, which was originally designed by legendary Fort Worth architect Preston Geren and built by Byrne Construction in 1954.The renovation project will transform the property into a Class A boutique office. In addition to upgrades and renovations, including onsite shower facilities for tenants and the addition of a second-floor terrace with views of downtown Fort Worth and the West 7th corridor, the property will also undergo significant expansion nearly doubling the footprint from 12,000 square feet to 22,000 square feet of office space.
“We’ve seen increased demand for quality office space across Fort Worth from established companies experiencing organic growth and new firms entering the market,” said Montague. "Mereken Land & Production is repositioning these assets to meet that demand, and we are excited for the additions and upgrades which will position these office properties for long-term success among the city’s best-in-class.”
According to JLL Research, Fort Worth reached record highs for job gains and office absorption at the end of 2018. Since 2010, Fort Worth added over 1.1 million new jobs and notched 1.3 million square feet of net absorption at year-end in 2018, maintaining its current positive absorption trend the following year end of The Great Recession. The market-wide average absorption rate since 2011 has been nearly 450,000 square feet annually, with West/Southwest Fort Worth accounting for 50% of the market total.
For more information on 300 Bailey and 464 Bailey, please visit www.hamiltonandbailey.com. For information on leasing opportunities, contact Matt Montague at +1 817 334 8112 or firstname.lastname@example.org or Alec Whitman at +1 817 334 8102 or email@example.com
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com