Dallas, January 7, 2026
Cawley Partners has acquired the 105,000-square-foot Harwood No. 1 office building in Uptown Dallas following a foreclosure auction. Originally built for Rolex in 1984, the building is set for renovations aimed at modernizing its amenities and expanding its leasing potential. This acquisition reflects the resilience and adaptability of the Dallas real estate market as private investment continues to fuel local economic growth.
Dallas, Texas – Cawley Partners has made a strategic acquisition of the 105,000-square-foot Harwood No. 1 office building in the vibrant Uptown area, following a foreclosure auction held in November 2025. Originally constructed for Rolex in 1984, the property was sold to First United Bank for $27.2 million after Harwood International defaulted on a loan of $37.45 million. This significant transaction reflects the ongoing evolution of commercial real estate dynamics in Dallas, illustrating the resilience and adaptability of both investors and local entrepreneurs within the market.
As Cawley Partners embarks on plans to revitalize Harwood No. 1, which is currently 50% leased, they aim to modernize the lobby and lounge areas and develop an additional 50,000 square feet of speculative office suites. Such efforts signal a commitment to not just preserving real estate assets but enhancing their value and functionality in a rapidly changing market. The existing atrium-style lobby, complete with a fountain and a Rolex clock, serves as a historical nod to the building’s past while the improvements promise to attract future tenants.
### Harwood No. 1: A Historic Asset
Harwood No. 1 stands as a landmark in the Harwood District—Dallas’s first major office development in an area that has transformed into a bustling hub of over 3 million square feet dedicated to office, residential, and retail spaces. This vibrant district, developed by Swiss entrepreneur Gabriel Barbier-Mueller, has contributed significantly to the urban landscape of Dallas, shaping it into a focal point for economic activity.
### Recent Challenges for Harwood International
Despite its prominence, Harwood International has experienced financial challenges, including the foreclosure of other properties within the district. Just six months prior to this acquisition, Spear Street Capital acquired Harwood No. 4 after similar financial difficulties. These developments underscore the volatility present in commercial real estate and highlight the necessity for innovative business strategies in maintaining sustainability.
### Economic Growth through Private Investment
The acquisition and planned renovations of Harwood No. 1 by Cawley Partners hint at a broader trend of private investment fueling economic growth in Dallas. Entrepreneurs and investors who recognize potential in distressed assets are pivotal in reviving local economies while revitalizing neighborhoods. This pattern not only employs local contractors and service providers but also reinforces the community’s economic health as new businesses and jobs emerge.
### Future Outlook for the Harwood District
Looking ahead, the Harwood District remains poised for continued growth and attraction for businesses and residents alike. With the expansion of office spaces and modern amenities, it is set to appeal to a diverse range of companies, particularly those seeking to establish a presence in Dallas’s thriving market. As limited regulation encourages new ventures, entrepreneurs will find more opportunities to invest, innovate, and flourish.
### Conclusion
The acquisition of Harwood No. 1 by Cawley Partners represents a promising chapter in the narrative of Dallas’s economic resilience. By focusing on revitalization and investment, local business leaders demonstrate the power of determination and innovation in overcoming challenges. As the community continues to evolve, supporting local businesses and staying engaged in the economic landscape will be vital for fostering growth and prosperity in Dallas.
Frequently Asked Questions
- What is Harwood No. 1?
- Harwood No. 1 is a 105,000-square-foot office building in Uptown Dallas, originally built for Rolex in 1984. It was the first significant office development in the Harwood District.
- Who acquired Harwood No. 1?
- Cawley Partners acquired Harwood No. 1 following a foreclosure auction in November 2025.
- What are the plans for Harwood No. 1?
- Cawley Partners plans to renovate the building’s lobby and lounge areas and develop 50,000 square feet of speculative office suites.
- What is the Harwood District?
- The Harwood District is a 19-block area in Dallas that includes over 3 million square feet of office, residential, and retail space. It was developed by Swiss-born entrepreneur Gabriel Barbier-Mueller.
- Has Harwood International faced financial challenges?
- Yes, Harwood International has faced financial challenges, including the foreclosure of other properties in the district. In April 2025, Spear Street Capital acquired Harwood No. 4 after a similar default.
| Feature | Details |
|---|---|
| Property Name | Harwood No. 1 |
| Location | Uptown Dallas, Texas |
| Size | 105,000 square feet |
| Original Construction Year | 1984 |
| Original Tenant | Rolex |
| Current Leasing Status | 50% leased |
| Acquiring Company | Cawley Partners |
| Acquisition Date | January 6, 2026 |
| Acquisition Price | $27.2 million |
| Renovation Plans | Lobby and lounge renovations; 50,000 square feet of speculative office suites |
| Harwood District Overview | 19-block area in Dallas with over 3 million square feet of office, residential, and retail space; developed by Gabriel Barbier-Mueller |
| Harwood International’s Financial Challenges | Foreclosure of properties, including Harwood No. 4 acquired by Spear Street Capital in April 2025 |
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