Fort Worth’s Tallest Building Sells at Major Discount from 2021 Purchase Price

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The tallest building in Fort Worth, Texas, has been sold at a foreclosure auction for a fraction of its purchase price from just three years ago, according to the Dallas Business Journal.

Burnett Plaza, a 40-story commercial and office tower built in 1983, was purchased back by Pinnacle Bank Texas for $12.3 million at the auction, after being sold for over $137.5 million in 2021.

The building’s previous owner, Burnett Cherry Street LLC, defaulted on a $13 million loan used for its purchase, leading to the foreclosure.

Pinnacle acquired the building for $12.30 per square foot, well below its recent appraisal value of $104.5 million. The building currently has a 22 percent vacancy rate, with tenants including General Motors Financial, Kimley-Horn and Associates, and Huckabee.

In comparison, the average commercial building vacancy in downtown Fort Worth is 11.5 percent, according to data from Cushman & Wakefield cited by the Real Deal.

Olivia Rondeau
Olivia Rondeau
Digital Reporter. Previously, Olivia was a contributor at the Daily Caller, a staff writer at Foundation for Economic Education, and a Pennsylvania Campus Correspondent at Campus Reform. Prior to that, she worked in social media, research, and public relations at Arsenal Media Group. Olivia is a political science major at the East Stroudsburg University of Pennsylvania.

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