Wall Street’s Texas Push Gains Momentum With Megaproject Proposals
Morgan Stanley is considering a $1.3 billion, 709,000-square-foot office tower in Dallas to consolidate growing operations across the city. The bank would invest approximately $684 million in the property by 2031, while developer Trammell Crow Co. would contribute around $650 million for construction at 2401 McKinney Avenue. The building would accommodate up to 4,800 employees by 2039 under a 16-year lease starting in 2031. Dallas City Council plans to vote Wednesday on an incentive package that includes up to $18.5 million in economic development grants and a 90% tax abatement on business personal property for ten years.
The site sits less than a mile from Goldman Sachs Group’s $500 million campus, which is expected to open in 2028 with space for 5,000 employees. Bank of America will also anchor a new tower in Dallas’s Uptown neighborhood. Morgan Stanley told the city it would not proceed without economic incentives and is also evaluating Alpharetta, Georgia as an alternative location. The bank plans to occupy 255,000 square feet in a nearby tower temporarily while construction proceeds.
Dallas has emerged as a primary beneficiary of Wall Street’s geographic diversification strategy outside New York. Trammell Crow had previously planned a $200 million, 750,000-square-foot tower at the same site in 2020, but that project stalled. The Morgan Stanley development would provide an offset to recent losses in the city’s central business district, where the NBA’s Mavericks and NHL’s Stars announced plans to relocate their arenas outside downtown. Apollo Global Management is also evaluating Austin for its second US headquarters, pointing to broader momentum for Texas finance jobs.
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