Morgan Stanley is considering a $1.33 billion operational hub in Dallas that would bring more than 2,200 jobs to the city by 2035 and could add another 1,000 positions by the end of 2039, according to a draft resolution set for a vote Wednesday before the Dallas City Council.
The bank’s plans call for an investment of about $684.2 million in a proposed 708,000-square-foot building at 2401 McKinney Avenue, with the developer investing another $650 million, according to the resolution, which was reviewed by The Wall Street Journal. While the permanent office is under construction, Morgan Stanley would spend around $96.9 million on a temporary office with a 52-month lease at 1445 Ross Avenue. The bank would move into its permanent home in 2031, the resolution said.
The resolution would authorize Dallas to grant Morgan Stanley a 90% tax abatement on the added value of the project and up to $18.5 million in economic-development grants. The city council is scheduled to consider the measure on Wednesday.
The bank has been coordinating with city staffers for months to identify a site for a Dallas headquarters, according to the resolution. Morgan Stanley declined to comment. Trammell Crow, the owner of the McKinney Avenue site, did not immediately respond to a request for comment.
If the project proceeds, Morgan Stanley would join a host of other financial institutions that have established or expanded operations in Texas in recent years, including JPMorgan Chase, Goldman Sachs, Wells Fargo and Charles Schwab Corp. Other major companies — including Exxon Mobil and Elon Musk’s SpaceX and Tesla — have relocated or are currently moving operations to the state.
The resolution also noted that Morgan Stanley is considering pursuing the project in Alpharetta, Georgia, as an alternative.