Monday, March 23, 2015

Latin American investors buy The Bombay Co.'s former Fort Worth HQ

550 Bailey
The former headquarters of The Bombay Co. was converted into a multi-tenant building in 2008. The building has been sold to a Latin American investment group.

Diversified International Partners, a private equity fund for Latin American institutional and high net worth investors, has bought a Fort Worth office building that once housed The Bombay Co.'s corporate headquarters.

Terms of the building sale were undisclosed.

The seven-story, 122,828-square-foot Class A office building at 550 Bailey St. in Fort Worth's Cultural District was completely renovated in 2008.

Transwestern Investment Group bought the property on behalf of Diversified International Partners. CBRE's Gary Carr, John Alvarado, Eric Mackey and Robert Hill represented the undisclosed seller.

According to the Tarrant Appraisal District, the property is owned by a Fort Worth limited partnership called GC Museum Partners LP, which is an affiliated company of John Goff's Goff Capital. The property was last valued at $13.9 million.

Investors were attracted to the quality of the building, as well as its location in Fort Worth's Cultural District and the concentration of nearby amenities, said Alvarado, a senior vice president at CBRE.

Since 2008, the limited partnership spent about $6 million transforming the former single-tenant corporate headquarters for The Bombay Co. into a multi-tenant office property.

An additional $5 million was spend on leasehold improvements during that same time frame.

The property includes an adjacent multilevel parking garage and surface parking lot, for a total overall parking ratio of 3.5 spaces per 1,000 net rentable square feet.

Bombay Co. closed its doors in 2008 and after its licenses were bought, the name continues on as an online sales company.

Candace Carlisle, Dallas Business Journal