Some developers might be skeptical about purchasing an office building with 100% vacancy, but San Antonio-based commercial real estate developer Worth & Associates saw opportunity in the Concord Park I property in North San Antonio when they acquired it early last year.
“The building was constructed really well,” Worth & Associates Marketing Manager Jacob Sendejo told CoStar. “We have a few other buildings in the area that we’ve had some success on. We kind of knew what we were seeing in the area.”
The developer bought the four-story, nearly 100,000-square-foot building at 800 E. Sonterra Boulevard in January 2025 from Dallas-based midstream energy company Energy Transfer. It was quickly rebranded as 800 Sonterra to reflect its location within the Stone Oak professional corridor, located less than 20 miles north of downtown San Antonio.
Even with market familiarity, Sendejo said acquiring a property with no tenants can be “daunting,” which is why Worth pursued leasing activity while negotiating the purchase. That effort paid off when civil engineering firm Pape-Dawson Engineers committed to more than half of the building shortly after the purchase.
The sale earned a 2026 CoStar Impact Award, as judged by real estate professionals familiar with the market.
Beyond the single Class A office purchase, the deal could carry broader implications for the Far North Central corridor. Worth officials said the purchase also fits the firm’s strategy of broadening its portfolio of owned and managed properties, now totaling over 3.4 million square feet.
Since the acquisition, Sendejo said occupancy has already reached 62%, with two other tenants signed and a letter of intent in the works that could push occupancy to 78%.
About the project: Following the purchase, Worth renovated the property’s exterior with new paint, landscaping, parking lot improvements and a new monument sign. Inside, the developer added new security systems, installed energy-efficient LED lighting and upgraded HVAC infrastructure.
What the judges said: "A testament to creative problem solving, Worth & Associates was able to successfully navigate the property acquisition of 800 Sonterra while simultaneously negotiating with a premier San Antonio firm to anchor the vacant building with this 52,299-square-foot lease to Pape-Dawson,” said Leah Gallagher, the city leader for Transwestern in San Antonio.
They made it happen: Worth & Associates' Shawn Gulley and Lukin King represented the developer in the purchase. Representing Energy Transfer in the sale were Stream Realty's Steve Thomas, Alyse Sellers and Zander Thomas.