Harwood to Fuel Accelerated Expansion of Dallas' Y'all Street

Rhea-AI Summary

Harwood International and Newmark (NMRK) announce a partnership to recapitalize Harwood's office portfolio and expand its Harwood District in Dallas. The district, spanning 19 city blocks and 30+ acres, achieved record-breaking leasing activity of 342,163 square feet in 2024 with transactions valued at over $200 million. The development maintains 90% occupancy and features 8.5 acres of gardens, 20+ restaurants, and luxury amenities. Notable highlights include the upcoming Goldman Sachs project (2027), Texas Stock Exchange establishment, and strategic timing with Dallas hosting FIFA World Cup 26 matches. The district's success is attributed to its premium amenities, walkability (94 Walk Score), and architectural collaborations with renowned designers. Hôtel Swexan, awarded a One MICHELIN Key in 2024, anchors the hospitality component alongside MICHELIN-recognized dining venues.

Positive

• Record-breaking leasing activity of 342,163 square feet in 2024 with $200M+ in transactions
• Consistently high occupancy rate of over 90% with market-leading lease rates
• Strategic growth catalysts including Goldman Sachs project (2027), Texas Stock Exchange, and FIFA World Cup 26
• Premium positioning with MICHELIN-recognized venues and high-end amenities driving tenant demand

Negative

• Need for recapitalization suggests potential capital constraints for expansion
• Heavy dependence on securing new equity and debt partners for growth execution

Insights

Real Estate Investment Analyst

Newmark secured major recapitalization assignment for premium Dallas development with strong performance metrics, showcasing their capital markets prowess.

Newmark has secured a significant assignment to recapitalize Harwood International's premier office portfolio and next development phase in Dallas' "Y'all Street." The 19-city block, 30+ acre master-planned Harwood District represents a substantial institutional-quality opportunity in Dallas' most sought-after submarket. The portfolio's performance metrics demonstrate exceptional market strength: 342,163 square feet of leasing in 2024, transactions valued at over $200 million, and historical occupancy consistently above 90%.

This assignment leverages Newmark's 15+ year relationship with Harwood, highlighting the firm's ability to maintain strategic client partnerships in competitive markets. The recapitalization timing aligns with several market catalysts poised to enhance the district's value proposition: the Goldman Sachs project opening (2027), Texas Stock Exchange establishment, FIFA World Cup hosting (2026), and convention center expansion (2029).

The portfolio's premium positioning is evidenced by its market-leading lease rates, 94% Walk Score, and integration of MICHELIN-recognized hospitality venues. For Newmark, this represents an opportunity to demonstrate its capital markets expertise with a trophy assignment featuring exceptional fundamentals in one of America's strongest commercial real estate markets.

Financial Services Expert

Newmark lands significant capital markets assignment that showcases client retention strength but falls within normal business operations.

Newmark has secured a potentially valuable capital markets assignment to recapitalize Harwood International's substantial Dallas portfolio and development pipeline. The engagement represents a core business opportunity that aligns with Newmark's transaction-driven revenue model in its capital markets division. While financial terms weren't disclosed, the scale of Harwood's portfolio—with 342,163 square feet of leasing activity and $200+ million in transactions during 2024—suggests this could be a meaningful assignment.

Most notably, the press release explicitly highlights Harwood's 15+ year relationship with Newmark, demonstrating the firm's client retention capabilities—a critical success metric in the competitive commercial real estate services sector. The selection of Newmark for this assignment validates their reputation in handling institutional-quality transactions.

The multi-faceted Harwood District, with its 90%+ historical occupancy and premium positioning within Dallas' financial corridor, presents a compelling narrative for potential capital partners. This type of high-profile assignment with a long-standing client represents business-as-usual for Newmark rather than a transformative development, though successful execution could certainly strengthen the firm's competitive position in the capital markets arena.

Developer Seeks New Capital Partners to Propel the Next Phase of Iconic Mixed-Use Expansion, Financial Headquarters, and Hospitality-Driven Placemaking in the Heart of Dallas

DALLAS, May 5, 2025 /PRNewswire/ -- Newmark and Harwood International announce the assignment to recapitalize its office portfolio and next phase of development within the Harwood District, its 19-city block, 30+ acre master-planned community in the heart of Dallas' vibrant "Y'all Street." With more than 40,000 patrons, residents, and tenants engaging with the community each week, the Dallas-based real estate developer is partnering with longtime adviser Newmark to secure the right equity and debt partners to support its growth path moving forward.

Leasing activity in the Harwood District reached a record-breaking 342,163 square feet in 2024

"Uptown Dallas is Dallas' most vibrant and sought after mixed-use location commanding the highest office and multifamily rental rates in the city," said Alexis Barbier-Mueller, Co-President, Harwood International. "With the opening of the Goldman Sachs project in 2027 and the establishment of the Texas Stock Exchange, we are confident in the continued growth of the Harwood District, which we view as the 'Capital Corridor' within Y'all Street. With Dallas hosting nine matches during the FIFA World Cup 26 paired with the expansion of the Kay Bailey Hutchison Convention Center Dallas opening in 2029, the city is poised for unprecedented global attention and economic momentum. To assist in this effort, we chose Newmark, a trusted partner of over 15 years, who understands and shares our long-term vision and values."

Strong Market Performance Demonstrates Sustained Growth

Leasing activity in the Harwood District reached a record-breaking 342,163 square feet in 2024, with transactions valued at over $200 million – underscoring continued demand for Harwood's elevated, design-forward offerings. The District has historically maintained over 90 percent occupancy and leads the market in leasing rates, driven by its luxury experience, walkability, and exceptional design.

"Harwood's dedication to delivering premier amenitized experiences that elevate productivity and well-being have been a key differentiator for our tenants," said Oliver Barbier-Mueller, Co-President, Harwood International. "Harwood is committed to shaping a thriving district, where world-class design, welcoming landscaping, and walkable spaces converge to deliver an exceptional experience, will continue to attract tenants who demand the best."

Design-Led Urban Connectivity Powers Demand in Harwood District

The Harwood District is the Southwest's premier example of integrated urban development, where hospitality, art, nature, and design converge. As the most walkable and dynamic mixed-use environments in Dallas, with a Walk Score of 94, the District invites all to work in a neighborhood that seamlessly blends luxury, convenience, and community.

Harwood's 8.5 acres of gardens and greenspaces, curated over the last 40 years and recognized by the Urban Land Institute for their design and integration, provide moments of tranquility in the heart of the city. Two direct access points to the Katy Trail connect seamlessly to a broader urban network. The Harwood District's position within Dallas' green ribbon offers a scenic path enhanced by live oak trees, stretching from the Katy Trail to the American Airlines Center and the Dallas Arts District.

The Harwood District's architecturally significant buildings include collaborations with renowned architects including James Cheng, Richard Keating, Kengo Kuma, and Jean-Michel Wilmotte.

"As the city of Dallas has grown, the world has paid attention," said Bill Fishel, Executive Vice Chairman with Newmark. "With investors' interest peaking in Dallas and particularly its Uptown, we know this unique opportunity to invest in the best submarket in Texas will attract a global audience. Investors are excited to build upon the exceptional foundation established by the Harwood International team in an effort to fully unlock the potential of the beating heart of Y'all Street."

Placemaking Through Culture, Hospitality, and the Arts

Designed to enable all to work, dine, and stay within one connected urban fabric, the Harwood District offers an unparalleled work-life balance that enhances tenants' recruitment and productivity. Tenants benefit from direct access to wellness programming, state-of-the-art fitness centers, pickleball courts, a golf simulator, chef-driven dining, and vibrant social spaces—all curated to foster connectivity and well-being. Art from the renowned Barbier-Mueller Collection is woven throughout the Harwood District, creating a visually inspiring environment that energizes both tenants and visitors.

The Harwood District features over 20 world-class restaurants, bars, and cultural venues that enrich the neighborhood. Culinary experiences, anchored by MICHELIN-recognized Mercat Bistro and Stillwell's Steakhouse, are central to the district's appeal. These venues curated by Harwood Hospitality Group enhance the luxury lifestyle office environment, offering tenants concierge-level service and exceptional amenities. Hôtel Swexan, awarded a One MICHELIN Key in 2024, represents the pinnacle of Harwood's hospitality-driven approach. Tenants seamlessly transition from leisure to work, and their guests have elevated accommodations just steps from the office.

About Harwood International

Founded in 1988, Harwood International is an international real estate firm active in select niche markets including Dallas, Geneva, and London's West End. Renowned for creating and stewarding landmark properties defined by design excellence, prime location, and uncompromising quality, the firm is equally celebrated for curating cultural experiences that elevate the built environment. Art is thoughtfully integrated into Harwood's developments, serving as a vital element of placemaking that deepens the connection between people and place.

Harwood International's leadership is driven by its global expertise, iconic architecture, meticulous attention to detail, and a deep commitment to sustainability, energy efficiency, and integrated green spaces. Harwood International has earned numerous accolades for its work, including ENR's "Best Office Project in the World" for the Rolex Building. Hôtel Swexan, a flagship destination within the Harwood District, has been honored with the prestigious One MICHELIN Key and named one of the World's Greatest Places by TIME Magazine—further cementing the Harwood District's reputation as a globally recognized destination. Please visit harwoodinternational.com for more information or follow @harwoodintl.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2024, Newmark generated revenues of approximately $2.6 billion. As of that same date, Newmark's company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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SOURCE Harwood International

FAQ

What is the recent leasing performance of Harwood District in Dallas?

Harwood District achieved record-breaking leasing activity of 342,163 square feet in 2024, with transactions valued at over $200 million and maintaining over 90% occupancy rates.

Why is Newmark (NMRK) partnering with Harwood International in 2025?

Newmark is partnering with Harwood International to help secure equity and debt partners for recapitalizing its office portfolio and supporting the next phase of development within the 19-city block Harwood District.

What major developments are planned for Harwood District in Dallas?

Key upcoming developments include the Goldman Sachs project opening in 2027, the establishment of the Texas Stock Exchange, and strategic positioning for the FIFA World Cup 26 where Dallas will host nine matches.

What amenities does the Harwood District offer to tenants?

The district offers 20+ restaurants including MICHELIN-recognized venues, 8.5 acres of gardens, wellness programming, fitness centers, pickleball courts, golf simulator, and the One MICHELIN Key awarded Hôtel Swexan.

What is the walkability score of Harwood District in Dallas?

The Harwood District has a Walk Score of 94, making it one of Dallas' most walkable and dynamic mixed-use environments.