GrayStreet Partners, a San Antonio-based private equity firm and developer, has purchased a historic tower in downtown Dallas with plans to revitalize the skyscraper. The private equity firm has 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 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.