However, class A asset ownership is not exactly what PNL is in business for. "PNL was established during the RTC days to purchase distressed loans. That's their expertise," explains Jones Lang LaSalle managing director John Alvarado, who is leading the team that is marketing the asset on Throckmorton St.

"Between 2005 and 2008, business really wasn't that fruitful for them, because everything was going well," Alvarado tells GlobeSt.com. As a result, PNL bought the asset because it provided a good value-add opportunity, as Radio Shack was about to depart.

Then the market fell apart. "Distressed loans have made a comeback, and PNL feels it's the right time to redeploy capital into that area of their business," Alvarado explains. There is no definite deadline for offers at this time.

Though distressed assets and loans are floating around, so are buyers interested in acquiring assets like City Place. Alvarado notes that the ideal buyer could be a high-net-worth individual looking at real estate as a long-term investment, or an institutional opportunity fund. The asset can be sold together, or separately, as it has three components. There are the two office towers, and the center linking them, which consists of retail and office product. North Tower, Tower II, is 78% leased, while its sister tower, South Tower I, is empty. Original plans called for Tower I to be developed into condos, but the market took care of that plan.

"It still could go residential," Alvarado notes. "There are plans in place that have been bid out for 176 residential units. But the path of least resistance is probably office, as that's what the building has been in the past."

Though marketing an asset of this type can be a challenge because debt is still tight, Alvarado says Fort Worth, itself, is a benefit, as it's a stable office market that has traditionally been disciplined when it comes to product delivery and steady rents. "You don't have the ups and downs in inventory and rents that you seen in Dallas," he adds. "That's something to our advantage."