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CITY PLACE FINALLY SELLS

Dallas-Ft. Worth
CITY PLACE FINALLY SELLS
CITY PLACE FINALLY SELLS
A promise fulfilled? Last year, Spire Realty Group leaders said it planned to grow its portfolio. It made good this week, acquiring the1.2M SF City Place in Fort Worth?s CBD. No price was disclosed. Originally developed as the Tandy Center (we remember shopping and attempting to ice skate there), it was also the RadioShack Corp HQ from its opening in 1976 until 2005. JLL put the property on the market last spring for PNL Cos (led by prez David Porter). PNL bought the project as part of a distressed debt fund with the idea of selling to reinvest capital in discounted mortgages, JLL folks told us last year. Above, Two City Place pictured.
 
One City Place
The property spans four blocks and includes three buildings: One City Place (pictured), Two City Place, and City Place Center. Two City Place is the 329k SF, 19-story north tower. It was fully renovated into a Class-A office building in 2008 and is 82% leased(going from zero in April 2008). One City Place is the vacant 19-story, 501k SF south tower. Spire plans to fully renovate it into a Class-A office building. City Place Center is a vacant four-story, 215k SF building connecting the towers. It will be demolished andreplaced, providing a retail promenade on the ground level and additional parking above and below for both towers.