Android Studio cannot resolve third-party dependencies

Question

In new versions of Android Studio, it was announced that you can add compilation commands to the build.gradle file for third-party libraries available in Maven Central, and Android Studio should automatically download the appropriate dependencies. However, I could not successfully complete Gradle Sync when I tried to add one of these libraries. Here is the build.gradle file for the project

apply plugin: 'com.android.application'

android {
    compileSdkVersion 21
    buildToolsVersion "21.1.1"

    defaultConfig {
        applicationId "com.appsbysynapps.helloname"
        minSdkVersion 14
        targetSdkVersion 21
        versionCode 1
        versionName "1.0"
    }
    buildTypes {
        release {
            minifyEnabled false
            proguardFiles getDefaultProguardFile('proguard-android.txt'), 'proguard-rules.pro'
        }
    }
}

dependencies {
    compile fileTree(dir: 'libs', include: ['*.jar'])
    compile 'com.android.support:appcompat-v7:21.0.3'
    compile 'com.larswerkman:HoloColorPicker:1.5'

}

Here is a build.gradle example for a module

buildscript {
    repositories {
        jcenter()
        mavenCentral()
    }
    dependencies {
        classpath 'com.android.tools.build:gradle:1.1.0'

        // NOTE: Do not place your application dependencies here; they belong
        // in the individual module build.gradle files
    }
}

allprojects {
    repositories {
        jcenter()
        mavenCentral()
    }
}

Here is the error generated by Gradle

Error:A problem occurred configuring project ':app'.
> Could not resolve all dependencies for configuration ':app:_debugCompile'.
   > Could not resolve com.larswerkman:HoloColorPicker:1.5.
     Required by:
         HelloName:app:unspecified
      > org.slf4j.spi.LocationAwareLogger.log(Lorg/slf4j/Marker;Ljava/lang/String;ILjava/lang/String;[Ljava/lang/Object;Ljava/lang/Throwable;)V
      > org.slf4j.spi.LocationAwareLogger.log(Lorg/slf4j/Marker;Ljava/lang/String;ILjava/lang/String;[Ljava/lang/Object;Ljava/lang/Throwable;)V

I had the same problem for any third-party library I was trying to add. This is also a brand new project created in Android Studio 1.1.0, and offline mode is disabled. Any ideas for what's going on?