Frost Bank Plans $22 Million Harwood Office Upgrade
The renovation adds space in a Dallas tower as the Harwood District sees broader premium upgrades.
Updated on Nov. 6, 2026 in Commercial
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Frost Bank plans to spend $22 million upgrading three floors at Harwood No. 7, a 22-floor office tower at 2950 North Harwood Street in Dallas, as the bank expands its footprint to 62,000 square feet in the building. The plan is shown in Texas Department of Licensing and Regulation filings, which are preliminary and subject to change.
Why it matters
The project signals continued demand for high-quality office space in Dallas's Harwood District, where TPG is also investing to upgrade its five-tower portfolio to Class AA status. For Dallas residents and business owners, these upgrades shape the commercial real estate market that affects local property values, neighborhood activity, and the office environment around them.
Frost Bank plans to spend $22 million, about $7 million per floor, on three floors of Harwood No. 7, bringing its space in the building to 62,000 square feet. The building totals 167,000 square feet across 22 floors, so the expansion covers over a third of the tower.
The players
Frost Bank
A San Antonio-based bank expanding its retail network across Texas, with about 70 branches opened since 2018.
TPG
A Fort Worth-based investment firm upgrading its five-tower Harwood District portfolio to Class AA status.
The details
Texas Department of Licensing and Regulation filings indicate the plan to overhaul three floors and add space on a fourth floor. Construction is expected to begin in January and be completed by next May. The bank has opened about 70 branches since 2018, and it opened new locations in Kerrville and Fredericksburg in 2025. Frost Bank is headquartered in San Antonio, and TPG, which is upgrading its Harwood District portfolio, is headquartered in Fort Worth.
Timeline
Last year (2025): Harwood No. 7 sold and was appraised for $84 million.
Earlier in 2026: TPG announced its five-tower Harwood District upgrade investment.
Q3 2026: Frost Bank reported $179 million in third-quarter profit.
January 2027: Construction on the Frost Bank office upgrade is expected to begin.
The Home Front
The Frost Bank project follows TPG's earlier-2026 announcement that it will upgrade its five-tower Harwood District portfolio to Class AA status. Together, the two investments point to sustained reinvestment in Dallas's premium office inventory rather than a one-off renovation.
If you own or rent commercial space near the Harwood District, check the Texas Department of Licensing and Regulation filings for updated scope and timing of nearby projects. Commercial property owners should watch how Class AA upgrades affect local leasing rates before adjusting their own budgets.
The takeaway
Premium office upgrades like this one tend to reshape nearby property values and leasing expectations over time. If you track Dallas commercial real estate, keep the Harwood District on your watch list as projects move from filings to construction.
What happens next
Construction on the Frost Bank upgrade is expected to begin in January and be completed by next May, and the final costs are expected to come in below the original estimate.
Further reading
For more on the local market, see Dallas Commercial real estate coverage.
Source note: This article includes information reported by The Real Deal New York.
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