EXHIBIT (a)(3)
                          Notice of Guaranteed Delivery

                                       For

                          Tender of Any and All of the

                              Limited Partner Units

                                       in

                         HALLWOOD REALTY PARTNERS, L.P.



     As set forth in Section 3 of the Offer to Purchase (as defined below), this
form, or a form  substantially  equivalent to this form,  must be used to accept
the Offer (as defined below) if (1)  certificates  representing  limited partner
units (the  "Units"),  of Hallwood  Realty  Partners,  L.P., a Delaware  limited
partnership  (the  "Partnership"),   are  not  immediately  available,  (2)  the
procedures for book-entry  transfer cannot be completed on a timely basis or (3)
time will not permit all required documents to reach the Depositary prior to the
Expiration  Date  (as  defined  in the  Offer  to  Purchase).  This  form may be
transmitted  by  facsimile  transmission,  mail  or  overnight  delivery  to the
Depositary or delivered by hand. Please see Section 3 of the Offer to Purchase.

                        The Depositary for the Offer is:

                     American Stock Transfer & Trust Company

                             Facsimile Transmission
                                 (718) 234-5001

                              Confirm by Telephone
                                 (718) 921-8200
                            Toll-Free: (800) 937-5449

    By Hand:                 By Overnight Courier:       By Mail:
   59 Maiden Lane            59 Maiden Lane             59 Maiden Lane
New York, New York 10038     New York, New York 10038   New York, New York 10038


DELIVERY  OF  THIS  NOTICE  OF  GUARANTEED   DELIVERY  TO  AN  ADDRESS,  OR
TRANSMISSION OF  INSTRUCTIONS  VIA A FACSIMILE  NUMBER,  OTHER THAN AS SET FORTH
ABOVE WILL NOT CONSTITUTE A VALID DELIVERY.

     THIS FORM IS NOT TO BE USED TO  GUARANTEE  SIGNATURES.  IF A SIGNATURE ON A
LETTER OF  TRANSMITTAL  IS REQUIRED TO BE GUARANTEED BY AN ELIGIBLE  INSTITUTION
UNDER THE  INSTRUCTIONS  THERETO,  SUCH  SIGNATURE  GUARANTEE MUST APPEAR IN THE
APPLICABLE SPACE PROVIDED IN THE SIGNATURE BOX ON THE LETTER OF TRANSMITTAL.

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Ladies and gentlemen:

     The  undersigned  hereby  tenders  to High  River  Limited  Partnership,  a
Delaware limited  partnership,  upon the terms and subject to the conditions set
forth in the Offer to Purchase dated May 1, 2003 (the "Offer to Purchase"),  and
the related Letter of Transmittal (including the Instructions thereto, as it may
be supplemented or amended from time to time (the "Letter of Transmittal" which,
collectively  with the Offer to Purchase,  constitute  the  "Offer")  receipt of
which is hereby acknowledged,  the number of Units set forth below, all pursuant
to the  guaranteed  delivery  procedures  set forth in Section 3 of the Offer to
Purchase.

Number of Units:______________________________________________

Certificate Nos. (if available):_____________________________________

Name(s) of Record Holder(s):_____________________________________

(Please Type or Print)
Address(es) of Registered Holder(s) including Zip Code:

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Daytime Telephone Number                 Signature(s):           Dated
(including Area Code)
                                                                ________,2003
(   )     -
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If Units will be tendered by book-entry transfer:


Account Number at Book-Entry Transfer Facility:  _____________________________


                                    GUARANTEE
                    (Not To Be Used For Signature Guarantee)

     The  undersigned,  a firm that is a member in good standing of a recognized
Medallion  Program  approved  by  the  Securities  Transfer  Association,  Inc.,
including the Security  Transfer  Agent  Medallion  Program,  the New York Stock
Exchange,  Inc.  Medallion  Signature  Program or the Stock Exchanges  Medallion
Program,  or is otherwise an "Eligible  Guarantor  Institution," as that term is
defined in Rule 17Ad-15  under the  Securities  Exchange Act of 1934, as amended
(the  "Exchange  Act"),  hereby  guarantees  (1) that the above named  person(s)
"own(s)" the Units  tendered  hereby  within the meaning of Rule 14e-4 under the
Exchange  Act, (2) that such tender of Units  complies with Rule 14e-4 under the
Exchange  Act and (3) to  deliver  to the  Depositary  either  the  certificates
representing  the Units  tendered  hereby,  in proper  form for  transfer,  or a
Book-Entry  Confirmation  (as defined in the Offer to Purchase)  with respect to
such  Units,  in any such  case  together  with a  properly  completed  and duly
executed  Letter of  Transmittal  (or a facsimile  thereof),  with any  required
signature  guarantees,  or an  Agent's  Message  (as  defined  in the  Offer  to
Purchase)  in  the  case  of a  book-entry  delivery,  and  any  other  required
documents,



within three (3) American  Stock  Exchange  trading days (as defined in the
Offer to Purchase) after the date hereof.

     The undersigned  that completes this form must communicate the guarantee to
the Depositary and must deliver the Letter of Transmittal and  certificates  for
Units to the  Depositary  within the time period shown herein.  Failure to do so
could result in financial loss to the undersigned.

Name of Firm:


AUTHORIZED SIGNATURE

Name: ---------------------------------------------------
                           (Please Type or Print)

Title: --------------------------------------------------


Address: --------------------------------------------------

Zip Code  -----------------------------------

Area Code and Telephone Number:  ----------------------------------



Dated: ----------------------, 2003


NOTE: DO NOT SEND CERTIFICATES FOR UNITS WITH THIS NOTICE. CERTIFICATES FOR
UNITS SHOULD BE SENT WITH YOUR LETTER OF TRANSMITTAL.