first reported by The Post<\/a>, marks another vote of no confidence in New York City Mayor Zohran Mamdani\u2019s tax-and-spend agenda and formally cements Dallas\u2019 growing reputation as a premier destination for financial institutions \u2014 a burgeoning sector local leaders have branded \u201cY\u2019all Street.\u201d<\/p>\nDallas Mayor Eric Johnson Dallas Mayor Eric Johnson officially announced Morgan Stanley is expanding to Texas to anchor a planned development. Getty Images<\/p>\n
Morgan Stanley is slated to anchor a new tower at 2401 McKinney Ave. in Uptown Dallas. The move is expected to bring an influx of 3,800 jobs and an estimated $1.3 billion capital investment to the city by 2031.<\/p>\n
\u201cDallas\u2019s selection as the home of Morgan Stanley\u2019s new $1.3 billion operations hub is a landmark investment in our city and another defining moment in the rise of Y\u2019all Street,\u201d Johnson, a Republican, said in a statement.<\/p>\n
\u201cIt will create thousands of high-quality jobs, expand opportunity for Dallas residents, and further strengthen our position as one of America\u2019s leading centers of finance and business,\u201d he added.<\/p>\n
The Post broke the news that the bank selected Dallas over competing sites, including a proposed location in Alpharetta, Ga., after reviewing a series of obscure municipal filings that effectively confirmed the move was a done deal.<\/p>\n
On Aug. 6, the Dallas City Plan Commission approved exterior skyscraper signage for the bank, while demolition crews recently cleared the McKinney Avenue site.<\/p>\n
Morgan Stanley began listing Dallas-based positions on public job boards weeks before the mayor\u2019s official confirmation. The bank agreed to an $18.5 million development grant with city officials.<\/p>\n
The Wall Street giant agreed two major incentives deals that will see at least 3,800 jobs created in Dallas. Bloomberg via Getty Images<\/p>\n
The relocation is closely tied to the Texas Enterprise Fund, winning a deal-closing $44 million cash grant overseen by Republican Gov. Greg Abbott\u2019s office.<\/p>\n
Under state guidelines, companies must demonstrate they are actively weighing out-of-state alternatives and have not finalized their location decisions to remain eligible for the taxpayer-funded subsidies<\/p>\n
The expansion is the latest blow to traditional financial centers like New York, as legacy banks continue shifting operations to lower-tax, business-friendly jurisdictions. <\/p>\n
Morgan Stanley releases its latest financial results in two weeks\u2019 time. CEO Ted Pick is seen here. Bloomberg via Getty Images<\/p>\n
Morgan Stanley joins a growing roster of financial heavyweights, including Goldman Sachs and Wells Fargo, that have recently expanded their footprints in the Dallas-Fort Worth area.<\/p>\n
\u201cMorgan Stanley\u2019s expansion in Dallas reflects our commitment to investing in markets that offer exceptional opportunities for growth, innovation, and talent. With a thriving financial services industry in Texas, we are excited to establish Dallas as a strategic hub for our firm to serve clients and attract top talent in the years ahead,\u201d said Morgan Stanley\u2019s chief legal officer Eric Grossman.<\/p>\n
\u201cWe greatly appreciate the support of the State of Texas, the City of Dallas, and Dallas County and look forward to deepening our roots and contributing to economic growth in the state,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"Dallas Mayor Eric Johnson gave Morgan Stanley a big \u201chowdy!\u201d on Monday, blasting out an announcement that makes…\n","protected":false},"author":2,"featured_media":359230,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[2345,288,7472,3414,14435,9,24,55,54,56,1777,3417,82],"class_list":["post-359229","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-banking","tag-business","tag-dallas","tag-goldman-sachs","tag-morgan-stanley","tag-new-york","tag-new-york-city","tag-new-york-city-headlines","tag-new-york-city-news","tag-ny","tag-texas","tag-wall-street","tag-zohran-mamdani"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/359229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=359229"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/359229\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/359230"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=359229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=359229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=359229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}