One of the original office buildings in Dallas’ Harwood District, Harwood No. 1, has been acquired by Cawley Partners. The Dallas-based real estate firm closed on the purchase of the seven-story, approximately 106,000-square-foot property at 2651 North Harwood Street on December 30. The acquisition was announced on January 6.
Harwood No. 1 was developed in 1982 by Harwood International and was originally built for Rolex, the Swiss luxury watchmaker. Currently, about half of its space is leased to tenants such as Cadence Bank, Huron Consulting Group, and Unifeye Vision Partners.
Financial details of the transaction were not disclosed. However, public records show that First United Bank sold the building after taking control through a foreclosure auction in November with a winning bid of $27.2 million. The Dallas Central Appraisal District most recently valued the property at $25 million.
The sale is part of ongoing changes in ownership within the Harwood District as Harwood International faces financial challenges. Over the past year, several buildings in the district have changed hands during periods of distress. In 2024 alone, four other office buildings—Harwood No. 2, 6, 7 and 10—were sold to private equity firm TPG.
Cawley Partners plans to renovate Harwood No. 1 during the first half of this year. Planned improvements include updates to the lobby, corridors, restrooms and top-floor lounge as well as construction of about 50,000 square feet of speculative suites. Renovation work is scheduled to begin late in the first quarter or early in the second quarter.
The building still retains a reference to its origins with a Rolex clock located in its atrium.
