Morgan Stanley unveiled plans for a Dallas hub with about 3,800 jobs, joining a rush of financial companies boosting their footprints in the Texas city.
“We are excited to establish Dallas as a strategic hub for our firm to serve clients and attract top talent in the years ahead,” Eric Grossman, chief administrative officer at Morgan Stanley, said in a joint statement Monday with Texas Governor Greg Abbott.
The expansion plan extends Dallas’ string of recent gains as a regional financial center. Goldman Sachs Group Inc. is building a $500 million office complex less than a mile from the Morgan Stanley site, while Bank of America Corp. will soon anchor another tower in the Uptown neighborhood. Another tenant in the Bank of America Tower will be the Texas Stock Exchange, an upstart challenger to the New York Stock Exchange and Nasdaq.
Morgan Stanley had previously said it would consolidate several businesses from different parts of the Dallas area into a new 709,000-square-foot tower in Uptown. Plans filed with the city said the New York-based bank could host as many as 4,800 jobs at the $1.3 billion office building.
The project will receive a $43.8 million economic development grant from the Texas state government. In June, the Dallas City Council offered as much as $18.5 million in economic incentives for the project as Morgan Stanley said it was considering building in Alpharetta, Georgia.
Banks across Wall Street have been seeking to expand their office footprint in other US cities outside New York as well. JPMorgan Chase & Co. said earlier this year that it plans to add hundreds of jobs in Boston after taking space at a new skyscraper in the city.
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