A local real estate investment management firm has acquired a more than 20-story office tower near Dallas’ Arts District.
Pacific Elm Properties, a Woods Capital company, has reportedly purchased the St. Paul Place office tower, a 22-story high-rise at Ross and St. Paul in downtown Dallas, according to reporting from The Dallas Morning News.
First built in 1983, the nearly 275,000-square-foot green glass office tower is considered one of Dallas’ premier boutique office buildings due to its unparalleled location, advanced technology, and dedicated focus on tenants.
Some of St. Paul Place’s high-profile tenants include D Magazine Partners, Hankinson LLP, Mayer LLP, Haas Petroleum Engineering, Oculus Inc., and Crowe LLP, the DMN reported.
Previous renovations on the office tower were last completed in 2016 by former tenant Quadrant Investment Properties. In order to create a more luxury tenant experience, Pacific Elm plans to make sensible upgrades to the office building without detracting from what made it special.
“We think this is a very special boutique property on Ross and we plan to materially upgrade the lobby, common areas and amenities to reflect a class AA quality,” said Jonas Woods, founder and CEO of Woods Capital. “We will definitely keep this as pure office,” he told the DMN.
To complete the purchase, Pacific Elm received $66.7 million in financing from MetLife Commercial Mortgage. The St. Paul Place acquisition marks Pacific Elm’s latest investment in Downtown Dallas.
The firm’s previous Dallas-based investments include the Bryan Tower, Santander Tower, 2100 Ross, and the Comerica Bank Tower, which The Dallas Express previously reported on in February.
Developing open and dynamic property near the Dallas Art District offers a unique investment opportunity, according to Woods, one of the city’s biggest property owners. Despite Woods’ portfolio of Dallas-based properties and optimism for the downtown area, office sales have slumped more than 80% year to date, the DMN reported.