The 22-story St. Paul Place office tower at Ross Avenue and St. Paul overlooks the city’s Arts District.
Now the green-glass tower has been purchased by Jonas Woods’ Pacific Elm Properties. The acquisition was financed with a $66.7 million loan from MetLife Commercial Mortgage.
Commercial property firm Cushman & Wakefield last summer began marketing St. Paul Place for sale. The building is leased to tenants including Mayer LLP, Haas Petroleum Engineering, Hankinson LLP, Oculus Inc. and Crowe LLP.of the building, including a revamped ground-floor lobby and outdoor patio spaces.
“We think this is a very special boutique property on Ross and we plan to materially upgrade the lobby, common areas and amenities to reflect a class AA quality,” Woods said. “We will definitely keep this as pure office.” New owner Pacific Elm Properties has invested in multiple downtown properties, including Bryan Tower, Santander Tower and 2100 Ross. The investor and developer isPacific Elm Properties also just invested in downtown’s 60-story Comerica Bank Tower with a plan to convert the landmark skyscraper into a combination of offices, apartments and hotel rooms.are down more than 80% so far in 2023.
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