Financial Moves in the Harwood District
There have been two financial moves tied to towers in the Harwood District. Dallas developer Harwood International refinanced Harwood No. 14 — the tallest in the Harwood District — for $160.8 million, according to Dallas County records. New York Life Insurance provided the loan on Dec. 18, and the deal was entered into county records Dec. 23. A separate Harwood-affiliated LLC owns the building.
Attempts to contact both firms were not returned Thursday afternoon. It is the newest Harwood tower in the district, completed in June 2023. It was designed by Japan’s Kengo Kuma & Associates and Dallas-based Corgan. The tower has 360,000 square feet of office space with a restaurant space and a 17,000-square-foot rooftop and sky garden.
Recent Activities of Harwood International
It’s the latest move by Harwood. The Dallas developer sold four office towers, faced at least four foreclosure threats, and took a $100 million loan in 2025. From early September to early October 2025, Harwood sold four of its towers to private equity firm TPG. They purchased Harwood buildings No. 2, 6, 7 and 10. Together, the properties total roughly 900,000 square feet.
Harwood No. 4 was sold to Spear Street Capital in April 2025, after the Dallas developer defaulted on another loan. The San Francisco-based firm has plans for multimillion-dollar upgrades at the property. Harwood No. 1 returned to the lender, First United Bank, after a foreclosure auction in November.
Another Harwood District Tower Sells
Dallas-based Cawley Partners purchased Harwood No. 1, formerly known as the old Rolex building, after it went through foreclosure last year. The seller was First United Trust. The sales price was not disclosed. Cawley Partners obtained a $29.5 million loan to fund the purchase, according to deed records.
The nearly 106,000-square-foot office structure opened in 1984 and marked the beginning of the Harwood District. Harwood International was unable to save this property. Lender First United Bank took ownership of the property in an auction. County records provided to The Dallas Morning News show the bank’s winning bid was $27.2 million.
The Dallas Central Appraisal District values the property at $25 million for tax purposes. Such estimates often trail actual market value. Cawley Partners said in a news release that it plans to update the lobby, corridors, restrooms and top-floor lounge. The firm also plans to build out 50,000 square feet of spec suites to cater to various tenant needs. The firm plans to spend $10 million in finish outs and upgrades, said the firm’s CEO Bill Cawley.
The Harwood 1 office building is currently 50% leased.
Dallas Firm Buys Denton County Shopping Center
Dallas-based Brand Partners has acquired Tartan Square, a neighborhood shopping center at 2940 Justin Road in Highland Village. The Denton County shopping center has just over 17,000 square feet of gross leasable area.
“Tartan Square is a strong neighborhood center, and our goal is to update the property so it feels current, welcoming, and reflective of the community,” said Jeff Brand, managing partner at Brand Partners. Renovation plans are being designed by Alexander Quintanilla, principal at Dallas-based Q Architecture +Design.
Correction and Updates
Correction, 10:10 a.m., Jan. 9: An earlier version of this story incorrectly identified the nature of the transaction with Harwood No. 14. Harwood refinanced the property for $160.8 million. The firm still owns it.
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Conclusion
The recent financial moves in the Harwood District, including the refinancing of Harwood No. 14 and the sale of Harwood No. 1, demonstrate the ongoing changes in the Dallas real estate market. As the city continues to evolve, it will be important to monitor these developments and their impact on the local economy.
Frequently Asked Questions
Here are some frequently asked questions about the Harwood District and the recent financial moves:
Q: What is the Harwood District? A: The Harwood District is a neighborhood in Dallas, Texas, known for its office towers and commercial developments.
Q: What is Harwood No. 14? A: Harwood No. 14 is the tallest tower in the Harwood District, completed in June 2023 and designed by Japan’s Kengo Kuma & Associates and Dallas-based Corgan.
Q: What happened to Harwood No. 1? A: Harwood No. 1, formerly known as the old Rolex building, was sold to Dallas-based Cawley Partners after it went through foreclosure last year.
Q: What are the plans for Tartan Square? A: Dallas-based Brand Partners has acquired Tartan Square, a neighborhood shopping center in Highland Village, and plans to update the property to make it feel current, welcoming, and reflective of the community.
