- Frost Bank filed plans to spend about $22 million renovating three floors of Harwood No. 7, at roughly $7 million per floor, with work expected from January to May.
- The expansion lifts its footprint to 62,000 square feet plus part of a fourth floor, more than a third of the 167,000 SF, 22-story building.
- New owner TPG is also recapitalizing Harwood District towers, so a bank doubling down on Dallas offers a rare bright spot for the Harwood portfolio.
Frost Bank plans a $22M office overhaul at Harwood No. 7 in Dallas, The Real Deal reports.
The San Antonio-based bank would renovate three floors of the building known as Frost Tower, which serves as its Dallas regional headquarters.
Get Smarter About What Matters in Texas
Subscribe to our free newsletter covering the biggest commercial real estate stories across Texas — delivered in just 5 minutes.
The Plan
State filings estimate about $7M in work per floor, according to the Dallas Morning News. However, the filings are preliminary and may change. The final cost should come in below that estimate.
Construction is expected to start in January and finish by May. Frost’s space would expand to 62,000 SF. It would include part of a fourth floor, representing more than a third of the 167,000 SF, 22-floor tower.
A Bank Still Building Branches
While other banks shrink, Frost continues to expand. Since 2018, it has opened roughly 70 branches. Recent additions include Kerrville and Fredericksburg in 2025.
The bank also posted stronger third-quarter results. Profit rose to $179M from $173M a year earlier. Average loans and deposits increased as well.
Harwood Context
Harwood No. 7, at 2950 N. Harwood St., received an $84M appraisal around its sale last year. TPG now owns the property. Alongside Harwood International, it plans to upgrade its five-tower Harwood portfolio to Class AA. Plans include tenant clubhouses and refreshed common areas.
The deal follows a difficult period for the developer. In a brief on BDO’s Harwood move, we noted that Harwood International sold five office properties to TPG. It also lost two properties to foreclosure within 12 months.
Why It Matters
Dallas office owners need creditworthy tenants willing to commit capital. A bank investing $22M in a long-term space sends exactly that signal.
The move also reflects broader market trends. Yardi Matrix put Dallas office vacancy at 18.6% in September. That’s down 360 basis points in a year, although still above the national rate.
What’s Next
Construction is expected to begin in January. Watch for progress on the project and for TPG’s recapitalization plans to generate leasing news at the other Harwood towers.
