Morgan Stanley is considering a major Dallas expansion that would include a $1.3 billion office tower in the city’s Uptown area, according to Bloomberg. The proposed project would include a 709,000-square-foot skyscraper at 2401 McKinney Avenue, according to city documents.
The site is owned by Trammell Crow and is less than a mile from Goldman Sachs’ planned $500 million Dallas campus.
Morgan Stanley would invest about $684.2 million in the proposed building, while the developer would invest about $650 million.
The plan would allow Morgan Stanley to consolidate several businesses that have been growing in different parts of Dallas.
While the permanent office is being built, Morgan Stanley would also invest about $96.9 million in a temporary office through a 52-month lease at 1445 Ross Avenue.
The bank is expected to move into the permanent Dallas office in 2031 if the project proceeds.
The expansion would bring about 3,800 jobs to Dallas by 2035 and could add another 1,000 jobs by the end of 2039.
The Dallas City Council is considering incentives for the project, including a 90% tax abatement on the added value of the development and up to $18.5 million in economic development grants.
Morgan Stanley has also been considering Alpharetta, Georgia, as an alternative location for the project.
The potential expansion would add to the growing presence of major financial firms in Texas, where companies including JPMorgan Chase, Goldman Sachs, Wells Fargo, and Charles Schwab have expanded operations in recent years.
