Tablet Business

City Place developer secures $41.5 million loan

Efforts to redevelop an empty 19-story office tower, part of the former Tandy Center in downtown Fort Worth, are getting a $41.5 million boost.

PCCP, a real estate finance and investment management firm with offices in California and New York, said Wednesday it’s loaning the money to Spire Realty Group, the Dallas-based developer of what’s now called One City Place.

Spire has completely renovated the building, at Third and Throckmorton streets, which was last used by RadioShack Corp.

Spire, a privately-held real estate investment and management company, bought the City Place property in 2011. Jon Ruff, a senior vice president at Spire, who was overseeing the project, could not be reached for comment Wednesday.

One City Place is a 313,953 square feet multitenant office building, and part of the 1.2 million-square-foot, three-building City Place development. The other tower, called Two City Place, was renovated by a different owner/developer. The third building, completed by Spire, has street-level space for shops and restaurants and a parking garage.

RadioShack sold the property in 2005. The towers were built in the late 1970s.

Ron Bonneau, PCCP’s vice president, said the loan will provide funds for tenant improvements and leasing commissions.

“The property is best-in-class for the area and has already attracted significant interest from potential tenants,” Bonneau said.

Allstate looking for agents,

sales professionals

Allstate is hiring.

The insurance company is looking for 120 new agency owners in Texas and candidates for more than 800 sales positions across the state. The Illinois-based insurer is looking to expand to serve a growing population in the state.

“Many Texas cities are making headlines for their impressive economic and population expansion. This means there are more families that we want to help and protect by hanging more blue signs,” said Lisa Banks, Allstate’s Texas Strategic Deployment Leader.

Potential agency owners are ideally mid-career, mid-level managers looking to operate their own business. A minimum $50,000 of capital is required. Sales candidates should have excellent customers service skills, a high school diploma and the ability to obtain a property and casualty license.

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