SMA eyes office-to-resi in Republic Center

Another office-to-resi conversion is on the way in Dallas.

New York-based SMA Equities filed plans for a $3.5 million conversion of about 22,000 square feet in the Republic Center II at 325 North St. Paul Street, the Dallas Morning News reported.

The filing calls the project Parkside Residences, but it doesn’t detail which floor of the 50-story building will be converted. 

The tower was built for the bygone Dallas-based First Republic Bank in 1964, when it was the city’s tallest building, and sits across from the under-construction Pacific Park. It has landed a number of partial-floor office leases recently, the outlet reported. Clinesmith Law Firm, HealthMark Medical Group, Constellation New Energy, Addison Group and Phlox Capital Management are among the tenants that broker Younger Partners has signed to the building recently.

The American Institute of Architects is renovating the first two floors for its own offices.

Republic Tower II is adjacent to what is now known as Gables Republic Tower, also owned by SMA Equities. The 36-story former office building was constructed in 1954 and converted to residential in 2006. Apartments there rent for a little over $1,600 a month for a one-bedroom, or more than $7,500 for a three-bedroom penthouse, according to its website.

Both buildings were redesigned by RTKL.

Office-to-residential conversion is a hot trend among developers in Dallas and Fort Worth. Bluelofts and Wolfe Investments are converting two adjacent highrises in downtown Fort Worth. And Wolfe recently bought a head-turning mid-century modern office building in downtown Dallas, where office-to-resi is planned. With projects underway from Woods Capital and Todd Interests, more than 1,500 residences were in the pipeline in downtown Dallas alone. 

—Rachel Stone