\n Downtown Dallas at night | Image by Hall Arts Residences\/website; Blue background | Image by Canva <\/p>\n
Morgan Stanley plans a $684 million expansion in Dallas to establish a U.S. hub expected to support more than 3,800 jobs, Gov. Greg Abbott (R-Texas) announced<\/a> Monday.<\/p>\n The state has offered Morgan Stanley a $43.85 million Texas Enterprise Fund grant and a $40,000 Veteran Created Job Bonus, according to the governor\u2019s office.<\/p>\n The announcement confirms earlier reports that the firm had chosen Dallas for the project, as previously reported<\/a> by The Dallas Express.<\/p>\n \u201cTexas is the financial capital of America,\u201d Abbott said in the announcement. \u201cWe welcome Morgan Stanley\u2019s expanded investment in Texas, where the depth of talent and access to America\u2019s rapidly expanding financial center attracts the world\u2019s leading brands across industries. Opportunity\u2019s address is now Y\u2019all Street.\u201d<\/p>\n Dallas hub will develop in phases<\/p>\n The city\u2019s project outline<\/a> describes temporary offices at Fountain Place, 1445 Ross Avenue, followed by a permanent Uptown location centered at 2401 McKinney Avenue. The permanent-location lease would begin in 2031.<\/p>\n The outline projects about 1,500 jobs at the temporary site between 2027 and 2031 and about 3,800 at the permanent site by the end of 2035. Those totals include newly created positions and transfers, including 115 jobs from elsewhere in the Dallas market.<\/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 Eric Grossman, Morgan Stanley\u2019s chief legal officer and chief administrative officer, said in the governor\u2019s announcement.<\/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<\/p>\n State and local incentives<\/p>\n Texas Enterprise Fund grants require recipients to meet job and wage targets before payments. The program<\/a> also allows the state to seek repayment when companies fail to meet contract requirements.<\/p>\n