Morgan Stanley has announced plans for a Dallas hub expected to involve about 3,800 positions, making it the latest financial firm to expand its footprint in the Texas city.
"We are excited to make Dallas a strategic center for our company in order to serve clients and attract top talent in the years ahead," Morgan Stanley Chief Administrative Officer Eric Grossman said Monday in a joint statement with Texas Governor Greg Abbott.
The expansion further cements Dallas's progress in recent years as a regional financial center. Goldman Sachs Group is building a $500 million office complex less than a mile from Morgan Stanley's project, and Bank of America will soon move in as a major tenant at another office tower in the Uptown neighborhood.
Another tenant in that Bank of America tower will be the Texas Stock Exchange, a newly formed exchange challenging the positions of the New York Stock Exchange and Nasdaq.
Morgan Stanley previously said it would consolidate several businesses scattered across multiple Dallas-area locations into a new 709,000-square-foot office building in Uptown. Planning documents submitted to the City of Dallas show the New York-based bank could accommodate as many as 4,800 positions in the $1.3 billion building.
Wall Street banks have been seeking to expand their office footprints in U.S. cities beyond New York. JPMorgan Chase said earlier this year that it plans to add hundreds of jobs in Boston after moving into a new skyscraper in the city.
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