Another major refinancing has taken place in Dallas’ Harwood District, reflecting ongoing activity as the city’s office market recovers. Harwood International, led by Gabriel Barbier-Mueller, refinanced its newest and tallest tower, Harwood No. 14, with a $160.8 million loan from New York Life Insurance on December 18, according to Dallas County records first reported by The Dallas Morning News. The transaction was officially recorded on December 23.
Harwood No. 14 is a 26-story office building at 2801 North Harwood Street completed in June 2023. It was designed by Kengo Kuma & Associates of Japan with Corgan of Dallas as architect of record. The property spans 360,000 square feet and includes restaurant space along with a 17,000-square-foot rooftop and sky garden.
This refinancing comes during a period of transition for Harwood International. In the past year, the developer sold four office towers—Harwood buildings No. 2, 6, 7 and 10—to private equity firm TPG between September and October of last year. These properties total about 900,000 square feet.
Additionally, law firm Jones Day withdrew from its planned anchor tenancy at the future Harwood No. 15 project at 3008 North Harwood in November.
Earlier in the year, Harwood sold another property—Harwood No. 4—to Spear Street Capital after defaulting on a loan; Spear Street plans significant upgrades to that building.
The original office building in the district, Harwood No.1 at 2651 North Harwood Street—a seven-story structure built in 1984—was transferred to lender First United Bank following foreclosure proceedings in November after facing multiple foreclosure threats and as Barbier-Mueller’s firm took out a $100 million loan late last year.
Dallas-based Cawley Partners has now acquired Harwood No.1 from First United Trust with a $29.5 million acquisition loan according to deed records; while no sale price was disclosed publicly, First United Bank’s winning bid at auction was $27.2 million and the county values the property at $25 million.
Cawley Partners plans to invest $10 million into modernizing the nearly 106,000-square-foot building by updating common areas and adding about 50,000 square feet of speculative suites; currently about half of the property is leased.
