Everything you wanted to know about the Urban Core, Uptown and Downtown Dallas, Texas & Dallas Ft. Worth Area Real Estate - Its growth, prosperity, setbacks and unprecedented revitalization is told here...Randall Turner of Harvard Companies, Inc 214-373-0007, 3500 Oak Lawn Avenue, Suite 325, Dallas, Texas 75219
Tuesday, May 02, 2017
An edge over Uptown?
An edge over Uptown?
St. Paul Place pitches redo, rent to lure tenants
A downtown Dallas office tower that has just been renovated hopes to lure tenants from more expensive buildings in Uptown.
The 22-story St. Paul Place was constructed in 1983 overlooking the sculpture garden at the Dallas Museum of Art. The 273,000-square-foot Ross Avenue high-rise was purchased about a year ago by Dallasbased Quadrant Investment Properties.
Quadrant has just wrapped up a multimillion-dollar makeover of the green stone and glass tower.
“A lot of what was here was not broken,” said Quadrant’s Chad Cook. “The biggest issues with the building were there was no conference area or tenant lounge space.”
Quadrant revamped the groundfloor lobby and entrance at St. Paul Place with a deli, seating and dining areas, and outdoor patio spaces.
“We put in all new furniture, and we replaced the art that was here,” Cook said.
The biggest changes were on the second floor, where the owner built a conference center, lounge area and outdoor terrace overlooking Ross Avenue and the museum garden.
“People are really using these amenities, and we are getting lots of positive feedback,” Cook said.
Celeste Fowden of leasing agent CBRE said St. Paul Place is pitching deals to compete with newer buildings in Uptown that cost much more to rent.
“The tenants in Uptown are going through sticker shock,” Fowden said. “We can offer great amenities and walkability.
“This is a great location for smaller tenants.”
Rents in St. Paul Place average $10 per square foot less than those in the newest Uptown offices. The building is just over 80 percent leased, with major tenants including D Magazine, Crowe Horwath, Sendero Business Systems, MapR Technologies, Vault Aviation and UNICEF.
Entos Design worked on the renovation plans.
“It all comes down to having the vision of what the space can be,” Cook said.
St. Paul Place is just one of a handful of 1980s downtown towers that are being renovated. And it’s one of several large redevelopments along Ross Avenue on downtown’s north side.
“We are seeing a huge interest in the buildings downtown that can offer very attractive packages along with the opportunity to be part of a revitalized live, work and play urban environment,” said John Crawford of Downtown Dallas Inc.
“Downtown is in a very unique position in responding to what the customer is looking for in making future decisions that meet their financial and quality-of-life decisions.”