One City Place developers receive loan to complete work on office tower
The developers of City Place in downtown Fort Worth have received a $41.5 million loan to complete work and lease One City Place, one of the former RadioShack headquarters at Third and Throckmorton streets.
PCCP, a real estate finance and investment management firm with offices in California and New York, said today it was loaning the money to Spire Realty Group in Dallas. Spire, a privately-held real estate investment and management company, bought the 19-story property in 2011.
One City Place is a 313,953 square feet multitenant office building, and part of the 1.2 million-square-foot, three-building City Place development. The other tower is called Two City Place. The third building has street-level space for shops and restaurants and a parking garage.
RadioShack sold the property in 2005. The towers were built in the late 1970s. A now-demolished portion was once the Tandy Center outlet mall.
Ron Bonneau, PCCP’s vice president, said the loan will provide funds for tenant improvements and leasing commissions.
“The property is best-in-class for the area and has already attracted significant interest from potential tenants,” Bonneau said.
_ Sandra Baker