posted on March 25, 2011 00:12
Spire Realty Group Inc.'s Dallas office, through Holliday Fenoglio Fowler LP, has secured $44 million to finance Two City Place in Fort Worth.
The 315,225-square-foot, recently renovated office tower is part of the 1.2 million-square-foot twin tower City Place development. It is called the Tandy Center and spans four blocks in Fort Worth's central business district.
Spire Realty plans to purchase the City Place development and this was part of that transaction.
The property was originally built in 1976 and renovated in 2008. It is 82 percent leased to tenants, including Range Resources and First American Payment Systems.
The five-year, 5.72 percent fixed-rate loan was financed through JP Morgan Chase Bank N.A.
The HFF team representing Spire Realty included senior managing director Wally Reid, director Travis Anderson and real estate analyst Corby Chaffin.
Dallas Business Journal, 3/22/11, Candace Carlisle