Downtown Fort Worth Tower Gets New Funding

February 19,2014

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Reposted from the Dallas Morning News (blog)

By Steve Brown
stevebrown@dallasnews.com

A California real estate finance and investment firm has provided funding for one of downtown Fort Worth’s largest development projects.

Los Angeles-based PCCP LLC said Wednesday that it has provided a $41.5 million loan to recapitalize the One City Place tower.

The vacant, 313,953-square-foot office building is owned by Dallas-based Spire Realty Group.

It’s part of the 1.2 million-square-foot, 3-building development previously known as Tandy Center.

Spire Realty Group bought the property in 2011 and has been working to redevelop the prime real estate.

The 19-story One City Place office tower once housed head offices of Radio Shack.

“PCCP’s loan will recapitalize One City Place, providing funds for tenant improvements and leasing commissions,” Ron Bonneau, vice president with PCCP, said in a statement.

HFF LP arranged the financing for Spire.

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