Hillwood, the development firm led by chairman Ross Perot Jr., bought a downtown Fort Worth block at Seventh and Calhoun streets on the east side of downtown from Oncor Electric Delivery Co. in 2023. The purchase is notable in a city that, according to the Fort Worth Business Journal, hasn’t seen a new office building go up downtown since 2018. Fort Worth’s office market is now showing its strongest signs of life in years.
The acquisition marks Hillwood’s first downtown property play, according to a company announcement, which states plainly that the deal is the company’s first foray into the district. Hillwood says it plans to evaluate the block for office, residential, mixed-use or other potential development, without committing to any single path forward. As the Fort Worth Business Journal reports, developers and brokers are confident in the downtown market, and real estate experts are looking forward to new high-rises, with at least one new office tower potentially in the works.
Still, a word of caution runs through the plans. According to WFAA, Hillwood sees office and multifamily as among the most logical uses for the site, but the company does not intend to build speculative office space before locking in a tenant. That caution comes amid discussions of downtown development, including Dart Interests’ conceptual tower plans for the Central Library site, per the same report.
A Market Showing Its First Real Momentum in Years
The timing lines up with a notable shift in Fort Worth’s office fundamentals. The city’s office market posted its fifth consecutive quarter of positive net absorption in the third quarter of 2026, with declining vacancy and growing leasing activity, according to the Fort Worth Report. Both Class A and Class B properties were on track for their first positive year-end absorption totals since 2021, the outlet notes, with more than a dozen new leases exceeding 10,000 square feet signed in the third quarter alone…