If you’ve spent any time at all looking at the Fort Worth skyline, you’ve seen it. You basically can't miss it. 801 Cherry St Fort Worth—better known as Burnett Plaza—is that massive, 40-story monolith that dominates the view. It’s the tallest building in the city. It’s a landmark. But lately, it’s become something else entirely: a giant, glass-and-granite symbol of how messy the commercial real estate world can get when the money stops flowing.
People see the silver skin and the sleek lines and think everything is fine. It’s not.
Honestly, the situation at Burnett Plaza over the last year has been a wild ride of lawsuits, foreclosure threats, and million-dollar disputes that sound more like a HBO drama than a property management report. You’ve got a massive California-based firm, a local construction company, and a lender all pointing fingers at each other while 1.02 million square feet of office space hangs in the balance.
What’s Actually Happening at 801 Cherry St?
Let’s get into the weeds.
In May 2024, the building actually went to a foreclosure auction on the Tarrant County Courthouse steps. Think about that for a second. The tallest building in Fort Worth—a property that covers an entire city block—was put up for sale because of a debt dispute. Pinnacle Bank, the lender, ended up taking the property back with a $12.3 million credit bid. That sounds like a bargain until you realize they were already owed way more than that.
The previous owner, Opal Holdings, bought the place back in 2021 for a staggering $137.5 million. At the time, everyone thought it was a brilliant move. Post-pandemic office space was supposed to bounce back, right? Not quite.
Opal Holdings hasn't exactly had a smooth run. They’ve been hit with dozens of mechanic's liens. If you aren't familiar with real estate lingo, a mechanic's lien is basically a "hey, you didn't pay us" note filed by contractors. Tarrant Construction Services, for instance, claimed they were owed over $1 million for work done inside the building.
It’s messy.
The building isn't empty, though. Far from it. You’ve still got big names like Kimley-Horn and General Motors Financial holding down the fort. But the vibe has shifted. When the ownership of a skyscraper is in flux, every tenant starts looking at the exit signs.
Why 801 Cherry St Fort Worth Still Matters
You might wonder why we’re obsessing over one office building.
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It's because 801 Cherry St Fort Worth is the "canary in the coal mine" for the entire North Texas office market. If a building this iconic, this central, and this large can face foreclosure, what does that mean for the smaller spots?
Fort Worth is growing. Fast. But the way we use office space has changed forever. Burnett Plaza was completed in 1983. It was designed for a world of cubicles, fax machines, and everyone being at their desk by 8:00 AM. While it’s had some beautiful renovations, including that huge two-story lobby, it's still an older asset trying to compete with shiny new developments in the Clearfork area or even the revitalized Stockyards.
The Architecture and the "Skyline Factor"
Walking into the lobby of 801 Cherry St is an experience. It’s got that "old money" Fort Worth feel mixed with modern touches. The granite is polished to a mirror shine. The views from the top floors? Unbeatable. You can see all the way to Dallas on a clear day.
- It stands 567 feet tall.
- It’s surrounded by a public park (Burnett Park) designed by the legendary Isamu Noguchi.
- It has its own parking garage with over 2,000 spaces.
Most people don't realize how much the surrounding park influences the building's value. It’s a green oasis in a concrete desert. But even a nice park can't pay a $13 million debt.
The Drama Behind the Scenes
There’s a lot of finger-pointing going on. Opal Holdings has been involved in several legal battles across the country, not just in Texas. They’ve been accused of defaulting on loans in other states, too. In the case of 801 Cherry St Fort Worth, the bank claimed the owners failed to keep up with the terms of their agreement.
Opal tried to fight back. They filed a lawsuit to stop the foreclosure, claiming the bank was acting in bad faith. They argued that they were trying to refinance and that the bank's "predatory" actions were sabotaging the building’s value.
It didn't work. The auction happened anyway.
Now, the city is watching to see what Pinnacle Bank does. Do they hold it? Do they sell it at a discount to a developer who wants to turn half of it into luxury condos? Residential conversions are the "trendy" solution for dying office buildings right now, but 801 Cherry St is a beast. Converting a million square feet of office plumbing into residential units is an absolute nightmare of engineering and cost.
The Tenant Perspective: Is Anyone Moving Out?
If you work at 801 Cherry St Fort Worth, you’re probably wondering if you should be packing your boxes.
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Probably not yet.
Despite the ownership drama, the building is still being managed. Elevators are running. Lights are on. The "Class A" status still technically applies because of the amenities. There’s a fitness center, a conference center, and on-site dining.
But there’s a psychological toll.
Businesses like stability. They want to know that the person they pay rent to is going to be there in five years to fix the roof or upgrade the HVAC. When the owner loses the building on the courthouse steps, that stability vanishes. It creates a "tenant's market" where companies can negotiate for much lower rates because the landlord is desperate to keep the building from becoming a ghost town.
The Wider Impact on Downtown Fort Worth
Fort Worth’s downtown is in a weird spot. On one hand, you have the incredible success of Sundance Square and the new Texas A&M campus expansion coming. On the other hand, you have these massive office towers that are struggling to stay relevant.
801 Cherry St is the center of that tension.
If the building thrives, downtown thrives. If it sits half-empty and tied up in litigation for the next decade, it becomes a literal shadow over the city.
The city council and local business leaders are quietly rooting for a clean transition. They need a deep-pocketed owner—someone like a Hunt or a Perot—to step in and stabilize things. Someone who understands that 801 Cherry St Fort Worth isn't just a line on a spreadsheet; it's a piece of the city's identity.
Common Misconceptions About the Building
A lot of people think the building is failing because it's "old." That's not really true.
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It’s failing because of a "capital stack" problem. Basically, too much debt was taken on at the wrong time with the wrong interest rates. The building itself is actually in pretty good shape. It’s not falling apart. It’s not "un-leasable." It’s just expensive to maintain.
Another myth? That it's mostly empty.
Actually, Burnett Plaza has maintained a decent occupancy rate compared to some towers in Dallas or Chicago. The problem isn't that nobody is there; it's that the income from the people who are there isn't enough to cover the massive mortgage and the skyrocketing costs of insurance and taxes in Texas.
Technical Details That Matter
- Address: 801 Cherry St, Fort Worth, TX 76102.
- Year Built: 1983.
- Renovations: Major updates in 2007 and 2018.
- Total Area: ~1.02 million square feet.
- Stories: 40.
The HVAC systems were actually upgraded recently to be more energy-efficient. That’s a huge deal for a building of this size. If you're an office manager looking for 20,000 square feet, you care about the electricity bill. 801 Cherry St is actually surprisingly efficient for a 40-year-old giant.
What Happens Next?
The future of 801 Cherry St Fort Worth is likely going to involve a "de-leveraging" phase.
Now that the bank has control, they will probably look for a "stalking horse" bidder—someone to set a floor price for the building. We might see it sold to a value-add real estate fund. These are the guys who buy distressed properties, pour $20 million into "lifestyle" upgrades (think rooftop bars, better coffee shops, maybe a co-working space), and then try to hike the rents.
Or, we might see it become a mixed-use experiment.
Imagine the bottom 10 floors as a boutique hotel, the middle 20 as traditional office space, and the top 10 as high-end apartments. It’s been done in other cities. It’s hard, but it’s possible.
Actionable Steps for Stakeholders
If you are a business owner looking for space in Fort Worth, or a real estate investor watching the market, here is how you should handle the 801 Cherry St situation.
- For Potential Tenants: Leverage the uncertainty. If you need a massive amount of space in a prestigious location, now is the time to negotiate. Landlords in transition are often willing to offer huge "Tenant Improvement" (TI) allowances just to get a signature on a lease. You could get a custom-built office for pennies on the dollar.
- For Real Estate Watchers: Keep an eye on the Tarrant County property records. The "mechanic's liens" are the best way to see if a building is in trouble before it hits the news. If contractors aren't getting paid for small jobs like carpet cleaning or plumbing, a bigger blow-up is usually coming.
- For the Local Community: Don't write off the building. Skyscraper "deaths" are often exaggerated. These buildings are too big to disappear. They just change hands. The current "crisis" at 801 Cherry St is a financial one, not a structural one.
- Due Diligence: If you're signing a lease here, make sure your "Subordination, Non-Disturbance, and Attornment" (SNDA) agreement is airtight. This protects you if the building changes hands again. It ensures your lease stays valid even if the owner goes bankrupt.
The story of 801 Cherry St Fort Worth isn't over. It’s just in a very loud, very public transition. In five years, we’ll probably be talking about its "grand re-opening" or its new life as a tech hub. For now, it’s a fascinating look at what happens when the high-stakes world of New York real estate investment meets the reality of the Texas office market.
Watch the skyline. The lights are still on, but the name on the check is about to change again.