Dallas Office Tower Trades for $180M

Goldman Sachs Asset Management sold its recently opened 1900 Pearl located in the Arts District to The State Teachers Retirement System of Ohio.
1900 Pearl. Image courtesy of Yardi Matrix

The State Teachers Retirement System of Ohio has acquired the recently opened 260,326-square-foot 1900 Pearl office tower in Dallas’ Arts District. The seller was Goldman Sachs Asset Management, per Yardi Matrix data. The property traded for $180 million, or roughly $700 per square foot, according to Dallas News.

Located at 1900 N. Pearl St., the 25-story building is adjacent to the Federal Reserve Bank of Dallas and Dallas Symphony Orchestra at Meyerson Symphony Center, with easy access to plenty of dining and entertainment options and public transit. Common-area amenities at the asset include a tenant lounge on the 14th floor that provides views of the city’s downtown, uptown and Klyde Warren Park, fitness center and basketball and yoga court. Additionally, the office features 754 parking spaces on 11 floors.

The tenant roster includes the law firms Husch Blackwell, which signed the lease at the end of last year,  Baker McKenzie, as well as Steward Health Care. Per Yardi Matrix information, the asset was 48.8 percent vacant.