American Airlines’ former world headquarters in Fort Worth, Texas, changed hands after less than a year on the market. Transwestern Real Estate Services announced the closing of the sale for an undisclosed amount to Austin-based Capital Commercial Investments, Inc. Transwestern remains in charge of leasing and property management on behalf of the new owner.
The office campus, located just three miles south of the Dallas-Fort Worth International Airport, was vacated last year from June through October and has been up for grabs ever since, according to the Dallas Morning News. Coming in at nearly 1.4 million square feet, the property spans 40 acres and includes three office buildings and 6.33 acres of undeveloped land.
The office space in Fort Worth is unique by design. It has irregular, dodecagon-shaped floorplates, and the wings of four buildings amount to 12 sides of glass windows. An underground pedestrian tunnel connects all three buildings.
Additionally, the campus is one of just a few large blocks of contiguous space in the metro area. It’s also located equidistantly between Dallas and Fort Worth, which translates into a 30-minute commuter ride to either city via the Trinity Railway Express. The station is a short walk away.
Paul D. Agarwal, founder of the investment firm that bought the campus, said, “One of the reasons we purchased the property is there seems to be a shortage of large, continuous blocks of office space. We have a few large tenants in mind for the spaces that are available.”
The firm also has redevelopment plans in mind, including making renovations to the entrance lobbies and building out model suites and common areas, as well as enhancing existing lighting throughout the buildings.
Mike Hardage, managing director with Transwestern, said, “We are pleased Capital Commercial Investments saw the immense value in this iconic property. Dallas-Fort Worth has a prolific track record as a top U.S. metro for corporate relocations. As the former home of American Airlines — a renowned Fortune 500 company — the opportunity to acquire an airport-peripheral office campus within one of the world’s most dynamic economies was very compelling. Capital Commercial Investments is well-positioned to meet its goal of filling the buildings with large tenants that are looking for exposure to both Dallas and Fort Worth labor markets. The company did an outstanding job of executing the acquisition given the unusual economic circumstances.”
Capital Commercial’s newest acquisition includes offices, parking garages and land for additional construction. The office component incorporates three buildings, which are located at 4151, 4255 and 4333 Amon Carter Blvd.
4333 Amon Carter Blvd.
Completed in 1989, the property at 4333 Amon Carter Blvd. was the first to be erected on site and was formerly dubbed “American Airlines Headquarters North.” The low-rise building is steel-frame construction with masonry exterior, and includes a total of 775,156 square feet spread out over six stories. Its total parking capacity is 2,773 spaces and it includes eight passenger elevators.
4255 Amon Carter Blvd.
Formerly known as “American Airlines Headquarters South,” the second office building was added to the campus in 1998. It houses a total of 526,320 square feet throughout six stories and has 11 passenger elevators, as well as a parking capacity of 1,451 spaces. Similar to its counterpart, the structure is steel frame with masonry exterior.
4151 Amon Carter Blvd.
The most recent of the three headquarters buildings was completed in 2001. It rises four floors, has three passenger elevators and houses a total of 108,000 square feet. Its parking capacity is 432 spaces, grade-level only. The steel-frame construction has a glass and masonry exterior and offers floorplates of 30,000 square feet.
Property images courtesy of Yardi Matrix