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Morgan Stanley picks Dallas for expansion outside NYC
New York Post • • business
Key Points:
- Morgan Stanley has chosen Dallas over Alpharetta, Georgia, for a major expansion, planning to relocate up to 4,800 jobs by 2031 and anchor a new $1.3 billion skyscraper in the city’s downtown area.
- The Dallas City Council approved incentives including an $18.5 million grant and a 10-year, 90% property tax abatement, which helped secure Morgan Stanley’s commitment to the project.
- The bank will initially occupy 255,000 square feet at Fountain Place while constructing the new skyscraper at 2401 McKinney Ave, with construction and signage approvals already underway.
- This move is part of a broader Wall Street migration to Texas, driven by lower costs and favorable tax policies, with other firms like Goldman Sachs and JPMorgan also expanding in the state.
- The shift intensifies tensions in New York City, where Mayor Zohran Mamdani’s plans to tax the wealthy and corporate real estate have sparked backlash from financial leaders and firms relocating jobs out of the city.
