Bluelofts remains at the forefront of North Texas’ office–to-resi frenzy.
The Dallas-based firm, in partnership with Wolfe Investments, purchased the landmark 19-story Star-Telegram Building at 307 West 7th Street in downtown Fort Worth, the Dallas Morning News reported. The joint venture also bought the adjoining 16-story Oil & Gas building, at 309 West Seventh, in January. It plans multifamily conversions of the two structures, with a total of 268 units.
The two buildings span a combined 440,000 square feet. A portion of the Star-Telegram will continue to be used for office. Younger Partners marketed both properties; the price wasn’t disclosed for either transaction.
“We wanted to own both of them,” Bluelofts co-founder Ike Bams told the outlet. “It has the same lobby, and there is a lot of connected infrastructure.”
The Star-Telegram, built in 1929, was originally designed for a department store before the Bank of Commerce operated at the site for many years. It combined with the Oil & Gas Building when it was renovated in the early 1990s. The building’s namesake newspaper moved to the site in 2011 but announced last year it is relocating again.
As the Dallas-Fort Worth office sector struggles to make a full recovery from pandemic-fueled vacancies, developers continue to target old office buildings for repurposing. Bluelofts has been one of the most active players in the office-to-resi game, with nearly 3,000 units in the pipeline to start the year. The firm aims to redevelop roughly 900,000 square feet across its acquisitions and turn them into residences with high-end amenities and ground-floor retail and commercial spaces.
Wolfe Investments, led by Kenny Wolfe, has ramped up its involvement in DFW’s office-to-resi scene, as well. The Plano-based firm just bought the bright-blue office tower at 211 North Ervay in Downtown Dallas, with plans to convert the 187,000-square-foot building into 238 residential units, while also adding amenities such as a fitness center and business lounge.
—Quinn Donoghue
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