Wilks Development has expanded its commercial holdings with a landmark office property in west Fort Worth.
The Fort Worth-based developer acquired the 177,200-square-foot One Ridgmar Centre at 6500 West Freeway, the Dallas Business Journal reported.
Wilks Development purchased the tower from Dallas-based Holt Lunsford Commercial in a deal that closed on Nov. 21. While the sale price wasn’t disclosed, the Tarrant Appraisal District valued the property at $18 million this year.
Built in 1986, the building is recognized as the tallest structure in west Fort Worth, CEO Kyle Wilks told the Business Journal.
“We think that strategically, this building is well positioned to kind of be the easiest building for people coming driving in from the west to get to,” Wilks said.
Wilks Development has already inked more than 30,000 square feet in new leases at One Ridgmar Centre, bringing the building’s 68 percent occupancy up to 85 percent. Among the new tenants is Fort Worth-based equipment lender Equify Financial.
The new owner plans to invest $9 million in renovations over the next five years and will start with improvements to the HVAC system and common areas.
Beyond One Ridgmar Centre, the company is restoring the Fort Worth Public Market and building Frisco’s Firefly Park, a 217-acre, multibillion-dollar mixed-use project.
The firm manages over 1.6 million square feet of commercial real estate across Texas, Oklahoma and Pennsylvania.
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“We’ve seen activity, and our phones have started ringing a lot more,” Wilks told the outlet. “So for people in the office business, there’s definitely hope out there.”
— Andrew Terrell