Dallas-based Citadel Partners, a corporate tenant and asset services real estate advisory firm, represented national accounting firm, Weaver, in a 35,948-square-foot lease renewal at One West 7th, at 2821 W. Seventh St. in Fort Worth.
Weaver was the original lead tenant for the seven-story One West 7th development, which opened in 2009 in the popular West Seventh submarket. Weaver will continue to occupy the top two floors and enjoy prominent, top-of-building signage.
“Much has changed over the last 10 years with the company’s growth, office design standards and corporate real estate strategy. With a lease expiration on the horizon, our team set out to find space that would create efficiencies in the Fort Worth office and exemplify Weaver’s current brand and company culture,” says Citadel Partners’ Managing Partner, Scott Morse.
Weaver was represented by Morse; Citadel Partners’ Managing Partner Scott Jessen; Fort Worth Market Principal Andy Goldston; Fort Worth Market Associate Advisor Daniel Mullen; and Advisor Katherine Jessen. Matt Carthey and Jake Neal with Holt Lunsford Commercial represented the landlord, Macfarlan Capital Partners.
“We sought to understand the employees’ and partners’ desires for a modern workspace and used those details to conduct drive-time, competition mapping and demographic studies,” Morse says. “During the search, we looked at 27 properties in various parts of town that could accommodate Weaver’s required footprint. In the end, Weaver renewed its long-term commitment to One West 7th because of the building’s efficiencies, walkability, parking allotments and signage. Additionally, the landlord’s commitment to add additional amenities, in conjunction with attractive economic terms in the transaction made the deal come together.”
Citadel worked with the Weaver team and Corgan Architects to create a vision for the Fort Worth office. The plans call for a complete and total renovation of the two floors that allow for a more open and united work environment. Like the Dallas and Houston offices, Weaver will be installing an internal stairwell to connect the two levels for ease of collaboration, Jessen says.
Weaver signed the lease renewal this summer and moved into a temporary space in the building shortly thereafter. With construction currently underway, Weaver is scheduled to move into the newly renovated office in November 2022.
“One West 7th sits at the middle of Fort Worth’s vibrant West Seventh neighborhood surrounded by restaurants, retail and multifamily housing, making it an ideal location for our team,” says John Mackel, Weaver CEO and Managing Partner. “This updated site brings our vision to Fort Worth to best serve our clients and team members in a modern, collaborative work environment.”
“It is a pleasure to reach a lease extension agreement with one of our longest-term and most premier One West 7th tenants, Weaver,” says Macfarlan Capital Partners Founding Partner Dean Macfarlan. “As part of the renewal, we have plans to build an amenity center on the second floor which will serve Weaver and other tenants who can use the center for meetings and special events.”
“This lease extension allows Weaver to remain in one of Fort Worth’s most desirable locations with walkable access to numerous amenities including high-end, modern apartments, a movie theater, fitness facilities and numerous dining options. At the same time, Weaver’s long-term tenancy enhances Macfarlan’s investment in the West 7th asset benefiting our investors. It is truly a win all-around, and we are grateful to the teams at Citadel Partners and Holt Lunsford for facilitating this transaction for each party,” Macfarlan adds.
Corgan Architects works with Weaver to design its office interiors nationally. Gauge Real Estate Partners is the construction manager for this project.
For more than 26 years, Morse and his team have worked closely with Weaver executives to create and implement a real estate strategy for the firm’s national portfolio. “With Weaver’s growth and national prominence, we have adapted our real estate strategy to address the future needs of the firm and the ever-changing workplace environment such that the real estate is flexible and supportive of Weaver’s business initiatives,” Morse says. “Toward that goal, we have recently completed assignments in Oklahoma City, Houston, Midland and Los Angeles to better accommodate the business moving forward. We are actively addressing other locations, as well.”
The Weaver lease in Fort Worth is one of the several recent transactions coming out of Citadel Partners’ recently opened Fort Worth office. In addition to the Weaver lease, Goldston and Mullen also recently completed an 8,600-square-foot office lease.