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| One City Place, 300 Throckmorton Street, Downtown Fort Worth, TX |
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| Ron Bonneau |
Los Angeles, CA, Feb. 19,
2014 – PCCP, LLC announced today it has provided a $41.5 million senior loan
for the recapitalization and lease-up of One City Place, a vacant 313,953-square-foot Class A office
building in Downtown Fort Worth, Texas, to an affiliate of Spire Realty Group,
LP.
Located at 300
Throckmorton Street, One City Place is a
portion of City Place, a 1.2 million-square-foot, three-building development
owned by Spire that includes a sister office building called Two City
Place, and a retail/parking structure
building.
Dallas-based Spire Realty Group acquired the City Place
development in 2011. Since that time,
Spire has invested significant capital to completely renovate One City Place,
which was 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 they vacated the property
in 2005.
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| Wally Reid |
“PCCP’s loan will
recapitalize One City Place, providing funds for tenant improvements and
leasing commissions,” noted Ron Bonneau,
vice president with PCCP. “The property is best-in-class for the area and has
already attracted significant interest from potential tenants.”
One City Place has a
desirable location in Downtown Fort Worth and is just one block from Sundance
Square, a large mixed-use collection of 55 restaurants, four live theaters,
numerous retail stores, 12 bars and nightlife options, two museums, multiple
hotels, and residences.
The Dallas/Fort Worth economy and office market have been
among the top performers in the country over the past several years boasting
the most new jobs of any major city on a percentage basis of 3.7 percent over
the past year, and the second most new jobs on an absolute basis totaling
111,000.
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| Corby Chaffin |
Additionally, The
Dallas/Fort Worth office market had the biggest occupancy improvement in the
country in the third quarter of 2013 – a 70 basis point increase.
Downtown Fort Worth has outperformed the overall market due to the
expansion of energy companies over the past several years. The nine
million-square-foot market is approximately 89 percent occupied.
Wally Reid and Corby
Chaffin of HFF Houston arranged the financing
on behalf of Spire.
For a complete copy of the company’s news release, please
contact:
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