Frost Bank's $22 Million Bet on Dallas: Three Floors of Its Harwood Tower Get an Overhaul, and a Fourth Floor Joins
The San Antonio bank's TDLR filings lay out a $22 million renovation of its Dallas regional headquarters — growing Frost to 62,000 square feet, more than a third of Harwood No. 7, with work expected to run January to May.
Dallas's office market got a $22 million vote of confidence Friday, and it came from San Antonio. Frost Bank plans to spend $22 million overhauling its space at Harwood No. 7 — the building Dallas knows as the Frost Tower, at 2950 North Harwood Street — according to Texas Department of Licensing and Regulation filings reported by The Real Deal via the Dallas Morning News. The work covers three floors of the bank's Harwood District regional headquarters at roughly $7 million a floor, with construction expected to begin in January and finish by next May. The filings are preliminary plans and subject to change, and the final cost is expected to come in below the $22 million estimate.
The expansion grows Frost's footprint in the building to 62,000 square feet, including additional space on a fourth floor — more than a third of the 22-story tower's 167,000 square feet, in a building appraised at $84 million when it sold last year. The landlord's side of the story runs parallel: Fort Worth-based TPG, Harwood No. 7's new owner, is looking to recapitalize multiple Harwood District buildings and has said it will invest in upgrading its five-tower portfolio to Class AA status in partnership with developer Harwood International, with tenant clubhouses and revamped green and common spaces in the plan.
Frost can point to numbers behind the bet. Its parent company reported third-quarter profits of $179 million, up from $173 million a year before, with average loans and average deposits up — and the bank has been expanding physically across Texas while other banks downsized, opening around 70 branches since 2018, including new locations in Kerrville and Fredericksburg in 2025. A regional headquarters renovation is a different kind of statement than a branch opening: it is a bank from San Antonio deciding its Dallas operation needs more room, in Uptown, in a year when office landlords are the ones doing the courting.
