A half-empty downtown Dallas office tower did not sell at auction, and plans for the future are unclear.
The 36-floor Harwood Center at 1999 Bryan St. went to auction with bids due in mid-October. Recent filings with the Securities and Exchange Commission shows current owner COMM 2014-UBS5, a commercial mortgage-backed securities trust, opted not to let go of the property.
It’s unclear why the group decided not to sell.
“The asset was marketed for sale on the RealINSIGHT Marketplace, the decision was made not to proceed with a trade,” a filing from the special servicer reads.
The property reverted to the lender in 2021 after the New York partnership that previously owned the property defaulted on the mortgage.
D-FW Real Estate News
Built in the early 1980s, the property serves as the world headquarters for engineering firm Jacobs. The nearly 735,000-square-foot tower’s major tenants include Omnicom Management and the General Services Administration.
The site’s zoning could allow new owners to convert the property to a mix of residential, hotel and office uses. The property was last renovated in 1996.
The Dallas Central Appraisal District estimates the value of the building at nearly $45.7 million for property tax purposes. Such estimates often trail market value.
Occupancy in the tower was 46% as of September 2025, according to the SEC report.
Investment sales brokers for the property were Mike Hardage, Stephen Simon and Steve Pumper of Transwestern. The group did not respond to questions regarding the property.
Colliers is also marketing a 0.16 acre sliver of land under the building for sale. This ground lease is set to expire on Sept. 1, 2077. The property has two other ground leases as well.
Dallas-Fort Worth was one of the most active U.S. office markets with 13.4 million square feet of leasing, up from 12.2 million square feet in 2024.
However, downtown Dallas has struggled. The office vacancy rate in the central business district was 26.8%.
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