TPG, a private equity firm based in San Francisco, has become the recapitalization partner for Harwood International after acquiring five office properties in Dallas’ Uptown district. The company announced on January 29 that it had purchased 1.2 million square feet of office space in the Harwood District. This series of sales began last fall and was first reported by The Real Deal.
TPG stated it intends to renovate several of the newly acquired buildings, beginning with Harwood No. 3, Harwood No. 6 (Saint Ann Court), and Harwood No. 7 (Frost Tower). Despite these changes, Harwood International will retain a minority stake in the portfolio.
The acquisition follows a period marked by property sales and foreclosures for Harwood International in its flagship district. The most recent transaction closed on December 1, when TPG bought Harwood No. 3 at 2727 North Harwood Street. This building, constructed in 1999, is anchored by law firm Jones Day, which occupies about 133,000 square feet out of a total of 210,000 square feet. Jones Day had previously planned to move into the upcoming Harwood No. 15 but withdrew from that project late last year.
Last fall, after hiring Newmark to search for a recapitalization partner, Harwood sold four additional properties to TPG: Harwood No. 2 at 2728 North Harwood Street; Saint Ann Court (Harwood No. 6) at 2501 North Harwood Street; Frost Tower (Harwood No. 7) at 2950 North Harwood Street; and Harwood No.10 at 2850 North Harwood Street.
These transactions have taken place alongside several foreclosures in the area that led to the loss of two other office buildings by Harwood International. In April, Spear Street Capital took back ownership of Harwood No.4 at 2828 North Harwood Street through a $73 million credit bid following foreclosure proceedings. In November, First United Bank seized control of the original development at 2651 North Harwood Street with a $27 million credit bid before selling it to Cawley Partners on December 30.
Earlier this year, Saint Ann Court (Harwood No.6) narrowly avoided foreclosure when it was included as part of a recapitalization deal.
Despite these financial difficulties for one landlord, Uptown Dallas remains an active office market compared to broader trends across Dallas-Fort Worth where vacancy rates are high overall. According to Partners Real Estate’s recent report https://partnersrealestate.com/insights/dallas-fort-worth-office-market-report-q4-2025/, Uptown accounts for nearly half of new office developments underway in the region and has some of the highest rents locally with an average gross rent reaching $62.21 per square foot.
“This story was updated to include an announcement from TPG.”
