Building that houses law firm Jones Day among those acquired
Global alternative asset management giant TPG Inc. has officially confirmed its acquisition of five office towers in Dallas’ prestigious but struggling Harwood District, with plans to pump significant capital into renovations. The firm is bringing in new partners to manage operations while Harwood International, the original developer of the buildings and the 30-acre, European- inspired corporate neighborhood, stays involved in a new capacity.
TPG is taking over more than 1 million square feet of high-end office space in the district. Its purchase includes buildings that house major tenants like law firm Jones Day, and the deal comes as the firm sees opportunity in what it calls “surging demand” for premium office space. Renovations are set to begin immediately at three of the buildings.
Dallas Business Journal in October reported that Harwood International sold multiple towers to TPG, a firm with $286 billion of assets under management co-headquartered in Fort Worth and San Francisco. Harwood and TPG declined to comment on the building transactions at the time and have repeatedly declined since. DBJ’s October reporting was based on Dallas County deed records and other property filings that showed an entity tied to TPG had purchased Harwood No. 2, Harwood No. 6, Harwood No. 7 and Harwood No. 10. TPG put out a press release Jan. 29 saying TPG Real Estate has acquired and will recapitalize a five-building portfolio in partnership with Gabriel Barbier- Mueller’s Harwood International, which has retained a minority interest as a co-investor in the portfolio. The portfolio includes a total of 1.2 million square feet of class A office space across Harwood No. 2 at 2728 N. Harwood St.; Harwood No. 3 at 2727 N. Harwood St.; Harwood No. 6 (known as Saint Ann Court) at 2501 N. Harwood St.; Harwood No. 7 (Frost Tower) at 2950 N. Harwood St.; and Harwood No. 10 at 2850 N. Harwood St., according to TPG’s Jan. 29 announcement.
The announcement indicates that TPG bought a fifth building, Harwood No. 3, from TPG in addition to the four properties DBJ previously reported. The roughly 210,000-square-foot, 11-story office building is anchored by Jones Day, which previously announced plans to move into a 73,000-square-foot block of the proposed-but-never-constructed Harwood No. 15 tower.
Construction was expected to begin in early 2025 on Harwood 15, which is not part of the portfolio TPG purchased, with an anticipated June 2027 completion. But no groundbreaking has occurred. There was no mention of Harwood 15’s status in the Jan. 29 news release, and both Harwood and TPG declined further comment beyond what was stated in the release. Jones Day has not commented on its plans.
TPG CEO Jon Winkelried told analysts during a November 2025 conference call that the company has capitalized the past couple of years “on the substantial market dislocation to acquire high-quality assets that are not typically available for sale.” He also said TPG’s clients have expressed a “growing interest” in real estate. The company’s real estate portfolio totaled $19.1 billion at the end of the third quarter, accounting for almost 7% of all assets under management. Through the first three quarters of 2025, TPG had invested $2.2 billion in real estate.
TPG Real Estate will invest “significant capital” across the portfolio to provide “high-quality office space and enhanced tenant experiences,” according to the firm’s Jan. 29 press release.
“The centrally located District has long been a world-class destination for working, living, and experiencing Dallas,” Jacob Muller, partner at TPG, said in the release. “With surging demand for premium office space across the submarket, we look forward to making strategic investments to modernize each property, enhance the tenant and visitor experience, and meet the workplace needs of premier tenants across the District.”
The upgrades include plans to “immediately commence” renovations at Saint Ann Court, Frost Tower and the building previously called Harwood No. 3, which TPG is now referring to as 2727 Harwood. The Saint Ann Court renovations will include significant lobby upgrades, new tenant amenity offerings, and substantial
garden and greenscape enhancements, according to the release. The release does not detail specific upgrades slated at the other properties.
“Dallas is at an exciting inflection point, and the Harwood District is positioned at the center of its continued transformation into a global destination,” Oliver Barbier-Mueller, co-president of Harwood International, said in the release from TPG.
TPG Real Estate has partnered with Dallas-based commercial real estate investment and management firm OliveMill Holdings to help oversee operations of the office assets across the portfolio. The partnership has tapped CBRE to oversee property management and leasing. Harwood International will continue to independently operate the retail destinations and restaurants located throughout the district.
“With TPG’s investment, the Portfolio is well-positioned to capitalize on momentum across the metroplex and expand the District’s ability to deliver a thriving, interconnected community where businesses and individuals flourish,” Alexis Barbier-Mueller, Harwood’s other co-president, said in a statement.
It’s not the first time TPG and Harwood International have worked together. TPG last year separately provided a $100 million loan to Harwood not related to its acquisition of the five-building office portfolio. Harwood International has faced significant financial challenges in the past year, with several towers in its 19-block namesake district being scooped up by other firms.
Most recently, Dallas-based developer Cawley Partners LLC announced Jan. 6 the purchase of Harwood No. 1, located at 2651 N. Harwood St., from First United Bank in a deal that closed Dec. 30. The roughly 106,000-square-foot, seven-story tower was developed in 1982 by Harwood International, initially for Switzerland-
based luxury watchmaker Rolex. First United Bank was a lender on the property and regained ownership through a November foreclosure auction with a winning bid of $27.2 million.
Harwood lost another office tower when Spear Street Capital LLC purchased Harwood No. 4, located at 2828 Harwood St., during an April 1 foreclosure auction on the steps of the George Allen Courts Building in downtown Dallas.
Building sales
The largest of the five buildings that Harwood sold to TPG was the 26-story Saint Ann Court, spanning roughly 320,000 square feet. The modern office tower houses an upscale restaurant with a large garden patio, a museum, a private fitness center and multiple roof-terrace gardens. It opened in 2009.
TPG also snapped up Harwood 2, a 10-story, roughly 178,000-square-foot office building that was completed in 1996. It was designed by noted architect Richard Keating and connects to the Marie Gabrielle Restaurant and Gardens, which sits atop its parking garage.
The 22-story Harwood 7, completed in 2015 as a build-to-suit for Frost Bank, has about 167,000 square feet of space including offices and ground-level shopping and dining options. The building is the home of Italian restaurant Dolce Riviera.
Harwood 10, which also stands 22 stories high, measures roughly 227,000 square feet. It delivered in 2019.
The Harwood District started in 1984 with the opening of the Rolex Building, one of the first office projects in Uptown Dallas. Over the last four decades, Harwood International has developed the district into a work-and play space with high-end hospitality amenities and bustling street-level venues. The district includes more than 3 million square feet of office, residential, retail, restaurant and hotel space, as well as multiple parks and more than 8 acres of gardens and green spaces. So far, there are 13 completed office and multifamily buildings, with others on the drawing board in addition to Harwood No. 15.
Holden Wilen contributed reporting.