A Wall Street giant could be plotting its next major Texas foothold in the heart of Dallas, with plans to build a new tower that could house thousands of employees.
Morgan Stanley is reportedly considering a site in Uptown Dallas for a new high-rise office, as reported by the Dallas Business Journal. A seafood restaurant and a long-shuttered Gold’s Gym currently sit on the site at 2401 McKinney Ave. in the city’s Y’all Street corridor—a growing hub for financial service firms.
While the deal is not confirmed, Uptown Dallas Inc. executive director Kelem Butts, developer Bill Crawley and real estate agent Adam Murphy have all reportedly confirmed Morgan Stanley has been scouting Uptown sites, as reported by The Real Deal.
Trammell Crow Company, which currently owns the property, is rumored to be the developer. Morgan Stanley and Trammell Crow Co. declined to comment.
Plans for a high-rise at the Uptown site date back several years. Trammell Crow Co. eyed developing a 27-story office tower at the property in 2020, according to WFAA. Those plans detailed a 416-foot-tall building with six levels of underground parking and a two-story space for the restaurant to remain on the ground floor.
In January, The Dallas Morning News reported the investment bank would likely become a lead tenant in the 2401 McKinney Ave. office, while noting the company was considering consolidation options in both Frisco and Dallas. Around that time, Morgan Stanley was also looking at signing a temporary four-year lease for 260,000 square feet of space at Downtown Dallas’ Fountain Place.
If the deal works out, it could be a big win for Dallas as several large corporations have recently announced an exit from the city.
In May, Fifth Third Bank announced it would relocate from Comerica Bank Tower Downtown to a new facility at the Preston Center by late 2028.