One City Place gains $41.5M loanFebruary 19, 2014
One City Place.
One City Place has gained a $41.5 million senior loan for recapitalization and lease-up, with PCCP LLC providing Spire Realty Group LP that amount for the vacant, 313,953-square-foot Class A office building in downtown Fort Worth.
Dallas-based Spire owns the 1.2-million-square-foot, three-building development at 300 Throckmorton St. The site includes Two City Place, a sister office building, as well as a retail-parking structure building.
Spire acquired City Place in 2011. Since then, it has invested capital into renovating the property, left vacant and in shell condition by the previous ownership. Built in 1978, the 19-story office tower served as Radio Shack’s headquarters until it vacated the property in 2005.
“The property is best-in-class for the area and has already attracted significant interest from potential tenants,” said Ron Bonneau, vice president of PCCP, commenting in a news release.
Arranging the financing on behalf of Spire were Wally Reid and Corby Chaffin of Holliday Fenoglio Fowler LP offices in Houston.