One of downtown Dallas’ most-visible buildings near the Arts District has been bought by one of the city’s biggest property owners.

Jonas Woods’ Pacific Elm Properties said it has bought the 22-story St. Paul Place office tower at Ross and St. Paul in the Dallas Arts District. The purchase was financed with a $66.7 million loan from MetLife Commercial Mortgage, The Dallas Morning News reported.

“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,” Woods told the Morning News. “We will definitely keep this as pure office.”

The nearly 275,000-square-foot office high-rise has been owned since 2016 by Dallas-based Quadrant Investment Properties. It was built in 1983.

The building is leased to tenants including D Magazine Partners, Mayer LLP, Haas Petroleum Engineering, Hankinson LLP, Oculus Inc., and Crowe LLP.

Quadrant Investment previously completed a multimillion-dollar makeover of the building, including a revamped ground-floor lobby and outdoor patio spaces.

One of the few Dallas office building deals to date this year

Pacific Elm Properties has invested in multiple downtown properties, including Bryan Tower, Santander Tower, and 2100 Ross, and the firm is repurposing several of the office properties as mixed-use buildings with new residential units.

Pacific Elm Properties recently invested in downtown’s 60-story Comerica Bank Tower with a plan to convert it into a combination of offices, apartments, and hotel rooms.

The St. Paul Place acquisition is one of just a few Dallas-area office-building deals this year. The Morning News reported that office sales in North Texas are down more than 80% so far this year.

St. Paul Place was the birthplace of Dallas Innovates inside the D Magazine Partners offices in a collaboration with the Dallas Regional Chamber in 2016, prior to Dallas Innovates’ spin out in 2021. In 2018, we wrote about many of the properties along Ross Avenue undergoing renovations and upgrades, including St. Paul Place.

Quadrant Investment Properties, led by Chad Cook, acquired St. Paul Place in 2016 from Goddard Investment Group.

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