FORT WORTH (January 29, 2018) – Sundance Square has purchased the Petroleum Building in downtown Fort Worth from XTO Energy for an undisclosed price. The 14-story building, built in 1927, is situated on a full city block at W. Sixth Street between Houston & Throckmorton Streets.
“The availability of the Petroleum Building presented a great opportunity to bring the landmark building into our portfolio,” stated Johnny Campbell, CEO of Sundance Square. “The Petroleum Building will continue to be occupied by XTO Energy at least through mid-2018.
The building, with approximately 117,000 square feet, was restored in 2004 by XTO Energy and has been well maintained. Designed by Wyatt C. Hedrick for businessman Richard Dulaney, the building features Art Deco elements and has gone through several alterations over its 90-year history.
With the addition of the Petroleum Building, Sundance Square will be comprised of more than four million square feet of office, retail, and residential leasing in 44 buildings. Last August, Sundance Square announced it had extended its partnership with Green Mountain Energy to provide renewable energy to all of its buildings. The 35-block development is estimated to avoid approximately 8.4 billion pounds of carbon dioxide (CO2) through 2023, which is the equivalent of planting more than seven million trees.
A parking garage adjacent to the building is also included in the purchase. Connected by an enclosed skywalk, the garage features 534 parking spaces and additional retail space. The Petroleum parking garage will ultimately be incorporated into Sundance Square’s generous parking program that offers free parking to guests visiting Sundance Square after 5 pm on weekdays. Before 5 pm, parking is free with a purchase from a Sundance Square restaurant or retailer. Validation is good for 2.5 hours of dining or shopping, or four hours for weekday movies. Weekends are free throughout the day and evening.
Guests also have the option to valet park for free throughout Sundance Square with purchase from a Sundance Square merchant. Just look for the red umbrellas in 10 locations within Sundance Square.
Sundance Square is a vibrant, award-winning entertainment district spanning 35 blocks in downtown Fort Worth. The multi-use development attracts more than 10 million visitors each year. The one-acre outdoor plaza features restaurants, shops, fountains, a stage, four 32-foot umbrellas, and covered seating. For more information about Sundance Square, visit sundancesquare.com or follow the business and entertainment development on Facebook.com/sundancesquare or [email protected] Commercial and residential leasing information can be found at www.ssqmgmt.com.