Amarillo Investors Invest in Downtown; Complete Largest Square Footage Sale in Center City History
Two icons of the Amarillo skyline, Chase Tower and The Amarillo Building, have been acquired by local investors, according to Joe Bob McCartt, President of McCartt and Associates, the managing partner for the owners.
Amarillo, TX (PRWEB) August 19, 2006
Two icons of the Amarillo skyline, Chase Tower and The Amarillo Building, have been acquired by local investors, according to Joe Bob McCartt, President of McCartt and Associates, the managing partner for the owners.
The landmark buildings were purchased by the Amarillo Commercial Group L. P. comprising investors who reside in Amarillo and the surrounding areas, McCartt noted. The partners include: Eddie Bradley, Kevin Wilson, Ed and Melva Davis with MRD Investments, Kevin Nelson, Will and Ray Snead, Bill Barton, Joe Bowlin, Henry E. Davis, Kevin McCarty, Alan Rhodes and Joe Bob McCartt. Terms were not disclosed.
McCartt said, “This is the first time in 35 years that Chase Tower will be owned by local investors.”
He pointed out that “These two buildings have been important contributors to the history of commercial business in Downtown Amarillo. Amarillo Commercial Group L. P. sought to own these landmarks for some very solid reasons, not the least of which is the growth we see in the general economic health of Amarillo which is extraordinary.”
McCartt added that, “The growth in the Center City business district with the accelerated attention in the revitalization of the downtown area and the opening of the Globe News Center for the Performing Arts is very exciting. We believe this will attract additional tenants with on going restoration and the addition of new restaurants and retail soon to be announced. Xcel Energy, who is Chase Towers’ biggest tenant, has renewed its lease and is a major participant in continuing the momentum of reenergizing the downtown area and the Amarillo Club will continue to offer members and guests the best dining view in the Panhandle.”
Gary Gibson, President of Southwestern Public Service Company, an Xcel Energy company commented, “The Chase Tower has had many names over the years, but for us, it’s always been just The Tower. The building remains the headquarters for Xcel Energy operations in Texas and New Mexico, and it remains the symbol of everything that is good about our company and our home town. Downtown Amarillo is the economic and cultural heart of not only Amarillo but also the larger region we serve. And from this building in the heart of downtown, that region stretches out as far as the eye can see – we wouldn’t think of doing our job from any other place.”
Ed Davis of MRD Investments, which will assist McCartt and Associates in management of both facilities, said that, “The Amarillo Building, built in 1927, includes 115,000 of leasable space and is 98 percent occupied with more 30 tenants, including Cumulus Broadcasting, Doshier Pickens & Francis Accounting Firm, The Mary E. Bivins Foundation, Asset Planning Group, the Texas Attorney General and numerous law, and oil and gas offices.”
According to McCartt, “Built in 1971, we believe Chase Tower is the highest building in Texas by sea level. It’s 401 feet tall and 33 stories with 313,000 squre feet of office space and The Amarillo Club has graced the top two floors since the building opened. Other major tenants include Chase Bank, Marsh Enterprises, Peterson Farris Pruitt Parker Law Firm and Courtney Countiss Brian & Bailey Law Firm.“The Amarillo Building has been restored to its original splendor visitors and tenants of Chase Tower can expect to see lobby renovations and many aesthetic improvements to this statuesque landmark.”
The Amarillo Building is located at 3rd and Polk and Chase Tower is located on Tyler Street between Sixth and Seventh Streets. McCartt and Associates, a full service commercial real estate service company, is owned by Joe Bob McCartt, Gene McCartt, Kevin Nelson and Alan Rhodes.
CONTACT:
Joe Bob McCartt, President
(806)-342-9555
Www. mccartt. net
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