Quadrant Investment Properties is adding to its portfolio. The company, led by Chad Cook, has acquired Saint Paul Place, a 22-story, 273,217-square-foot tower at St. Paul Street and Ross Avenue in the Dallas Arts District. The seller was Goddard Investment Group, which owns another Ross Avenue asset—Fountain Place.
Built in 1983, Saint Paul Place is the home of D Magazine Partners, which occupies more than two floors in the building. Most of the tenants, though, are smaller, with an average space of about 5,000 square feet. And that was part of the appeal, Cook said: “We like being able to control our own destiny.”
Cook first approached Goddard about buying Saint Paul Place two years ago, but there was too much of a differential between the ask and the bid. Since then, market conditions have changed, with an urban renewal sparked in part by the opening of the nearby Klyde Warren Park.
“Saint Paul Place has always been one of our favorite buildings,” Cook said. “We could not be more excited to have the opportunity to own it, especially at a time when the Arts District is experiencing so much momentum. … It’s hard to find buildings with this much character and such a strong, diverse tenant base.”
This is this seventh acquisition for Cook, who founded QIP in 2012 after serving as vice president of acquisitions for Hillwood. Other local assets include Preston Trail Atrium, 2811 McKinney, 3400 Carlisle, Hillcrest Oaks, and The Centrum, a nearly 400,000-square-foot icon that’s getting a big makeover. Improvements are also planned for Saint Paul Place, which is about 78 percent occupied. They include lobby upgrades, a tenant conference center, and a lounge with a balcony overlooking the Dallas Museum of Art’s sculpture garden. A building-wide spec-suite program also will be implemented.
“Saint Paul Place is a trophy asset located in the middle of Dallas’ urban markets—the CBD and Upton,” said QIP Vice President Nick Cassavechia, who joined the company from HFF in 2014. ““The young talent moving to and living in this area is an important factor in current and prospective tenant’s site selection, and we feel Saint Paul Place is positioned well for this demand.”
HFF represented Goddard in the sale. JLL put together the financing. Going forward, Saint Paul Place will be leased by the CBRE team of Celeste Fowden, Seth Thatcher, and Ben Davis.