FORT WORTH, Texas — This story was originally published by our content partners the Dallas Business Journal. You can read the original version here.
The bank that held the keys to Fort Worth's tallest tower following a foreclosure earlier this year recently sold the 40-story Burnett Plaza.
Pinnacle Bank Texas on Sept. 27 granted a special warranty leasehold deed to Swiss Burnett LLC, a firm connected to Stephenville developer Andy Hansen, according to public filings. A special warranty deed is a document that transfers ownership while limiting a seller's liability.
While the deal closed late last month, it has not been reported elsewhere. And Dallas Business Journal spoke with the high-rise's new owner to get more information about his plans for the site.
Hansen is the president of Trafalgar Homes, a real estate development firm that's delivered more than 1,000 apartment units and more than 100 homes, according to its website. He is also the CEO and chair of the Hansen Stewardship Foundation.
Hansen declined to disclose the price he paid to obtain Burnett Plaza, though the public documents show Swiss Burnett LLC assigned a deed of trust to Pinnacle Bank with a $67.54 million loan.
Ronny Korb, charter president of Pinnacle Bank Texas, did not respond to a request for comment.
Hansen said he has worked with Pinnacle Bank in the past and called once he saw the news about the bank foreclosing on the tower at 801 Cherry St.
Pinnacle Bank wrestled control of the building away from a New York-based company, Opal Holdings LLC, by foreclosing on a loan with a $12.3 million credit bid in May. That bid did not represent the value of the entire building, as there was more debt tied to the tower, but it gave the bank the deed to the property. Deed documents indicate Burnett Plaza Holdings has ground lease loans totaling $86 million that involve UMB Bank as trustee.
Hansen said his firms own multifamily, industrial and office buildings, but Burnett Plaza is now the largest office building in its portfolio. He said the family-operated firm takes a long-term approach to its businesses.
"We just want to take care of the property and do what's right for the downtown sector and for Burnett Plaza, for the long run," Hansen said. "We're not short-term flippers or it's not a finance play. It's strictly a good ol' roll up your sleeves and manage the thing well for the long term."
Hansen said he's already started about $2.3 million worth of deferred maintenance on the building, the largest item being replacing a chiller.
Andy Taft, president of Downtown Fort Worth Inc., described the new ownership as a good thing for the area. He said he looks forward to working with the Hansen family on the building's position in the market.
"That building is a trophy property in downtown, and savvy real estate investors are always targeting class A office in downtown," Taft said. "This was a rare opportunity to pick up a trophy."
Burnett Plaza is a 1.02-million-square-foot building a few blocks west of the Fort Worth Convention Center. Taft said the building constitutes the largest amount of class A office space in downtown. Its largest tenant is GM Financial and other tenants include civil engineering firm Freese and Nichols and architecture firm Huckabee.
Pinnacle is still tangled in a lawsuit with the former owner of Burnett Plaza. Contractors who completed work on the tower filed lawsuits against its former owner, Opal-connected Burnett Cherry Street LLC, for payment they alleged they never received. Judges have sided with several contractors in the lawsuits, but one that questions whether to place the blame on Pinnacle or Opal for nonpayment of $1 million owed to contractor Tarrant Construction Services is still working its way through court. A hearing is scheduled for the week of July 21, 2025.
