Prentiss Properties Owns it All

Prentiss Properties Trust will purchase the remaining 80% interest in the Burnett Plaza in Fort Worth from its joint venture partner. Prentiss, a real estate investment trust based in Dallas, has owned a 20% interest in the Class-A office building since 1999. Located in downtown Forth Worth at 801 Cherry St., Burnett Plaza is a 40-story office tower totaling 1,024,627 square feet. It was built in 1983 and has a current occupancy rate of 97% with an asking rent of $19-$19.50 per square foot, plus electric. The current occupancy rate in the Fort Worth CBD is 84% with an average asking rent of $16.85 per square foot. Burnett Plaza's tenants include Worth National Bank, the US Government, Camp, Dresser & McKee Inc., KUVN TV, Federal Express and Union Pacific Resources.