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