GrayStreet Partners, a San Antonio private equity firm and developer, has purchased a historic tower in downtown Dallas in an effort to revitalize the skyscraper. The private equity firm purchased the 1.73 million square foot, 56-story Renaissance Tower located at 1201 Elm Street in Dallas, the Dallas Morning News reported. A New York-based lender, Square Mile Capital, owns the tower, which was built in 1974.
GrayStreet’s purchase of the Renaissance Tower was financed by SM Finance LLC, which the Dallas Morning News reports is a subsidiary of Square Mile Capital. Details of the transaction were not disclosed, but the property was last appraised at $92.7 million according to Dallas Central Appraisal District records.