An affiliate of TRT Holdings has acquired St. Paul Place, a 22-story office building located at 750 North Saint Paul Street in Dallas’ Arts District. The transaction, which closed on December 2, was confirmed by Dallas County deed records. The sale price was not disclosed.
TRT Holdings, a Dallas-based investment firm established by Robert Rowling and his father Reese Rowling, is primarily recognized as the owner of Omni Hotels & Resorts. In addition to its hospitality interests, the company has an extensive history of investments in office, residential, and mixed-use properties throughout Texas and other regions.
St. Paul Place was constructed in 1983 and covers nearly 275,000 square feet. The property sits within the Arts District—a part of downtown Dallas that has performed better than older office markets in the area. According to the Dallas Central Appraisal District, the building’s tax value for this year is just over $47 million.
Current tenants include Costar Group, Mayer law firm, and various professional service firms. Presently, more than 23,500 square feet are available for sublease as listed in current marketing materials. This reflects broader trends where companies continue to reevaluate their space requirements across downtown Dallas.
The property recently underwent months of renovation due to flooding that occurred in April. This incident influenced both the timing and underwriting process of the sale.
Pacific Elm Properties previously purchased St. Paul Place from Quadrant Investment Properties in 2023 with a $66.7 million loan from MetLife Commercial Mortgage. Pacific Elm remains active as an investor in downtown Dallas real estate with stakes in buildings such as 2100 Ross, Bryan Tower, and Santander Tower; however, it is unclear how profitable their exit from St. Paul Place was since no sales price has been made public.
Quadrant had owned the tower since acquiring it in 2016 and invested significantly into upgrading the facility—improving amenities such as redesigning the ground-floor lobby and adding outdoor patio spaces to enhance competitiveness.
This acquisition comes during a period when several notable office transactions have occurred within downtown Dallas this year despite overall trading volumes remaining lower than before the pandemic began. For instance, Crescent Real Estate completed what is considered the largest local office sale so far this year with its purchase of Texas Capital Center at 2000 McKinney Avenue; like St. Paul Place’s deal, no financial details were released about that transaction either.
