PCCP, LLC Provides $41.5 Million Senior Loan for the Recapitalization and Lease Up of Office Tower in Fort Worth, TX

One City Place, 300 Throckmorton Street,  Downtown Fort Worth, TX

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.

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.

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:

darcie@spauldingthompson.com