An affiliate of TRT Holdings has acquired St. Paul Place, a 22-story office tower located at 750 North Saint Paul Street in Dallas’ Arts District, according to Dallas County deed records. The transaction closed on December 2, but the sale price was not disclosed.
TRT Holdings is an investment firm based in Dallas and is best known as the owner of Omni Hotels & Resorts. Founded by billionaire Robert Rowling and his father Reese Rowling, the company also invests in various real estate sectors including office, residential, and mixed-use properties across Texas and other locations.
St. Paul Place was built in 1983 and features nearly 275,000 square feet of space. It is situated in the heart of the Arts District—a downtown area that has generally performed better than older office submarkets. For tax purposes this year, the Dallas Central Appraisal District valued the property at just over $47 million.
The building’s tenants include Costar Group, Mayer law firm, and several professional service businesses. More than 23,500 square feet are currently available for sublease as companies continue to adjust their space requirements downtown.
The property recently underwent renovations following a flood in April, which reportedly influenced both the timing and terms of the sale.
Pacific Elm Properties had purchased St. Paul Place from Quadrant Investment Properties in 2023 using a $66.7 million loan from MetLife Commercial Mortgage. Pacific Elm holds interests in other downtown properties such as 2100 Ross, Bryan Tower, and Santander Tower.
Quadrant bought St. Paul Place in 2016 and invested significantly in upgrades like a new lobby design and outdoor patio spaces to improve its competitiveness.
This acquisition comes during a period marked by some notable office building sales within Dallas’ urban core this year despite overall lower volumes compared to pre-pandemic years. One example includes Crescent Real Estate’s purchase of Texas Capital Center at 2000 McKinney Avenue—also without a publicly disclosed price—which was supported by Fort Worth billionaire John Goff.
