Morgan Stanley plans US$1.3 billion tower for Dallas expansion
The project extends the Texas city’s rise as a financial centre as Wall Street steps up efforts to lure talent in locations outside New York
Published Tue, Jun 23, 2026 · 12:21 PM
[NEW YORK] Morgan Stanley is weighing a US$1.3 billion office tower in Dallas, the latest Wall Street giant to bet on Texas as a financial hub.
The New York-based bank would consolidate several businesses that have been growing in different parts of the city into a 709,000-square-foot skyscraper at 2401 McKinney Avenue, according to city documents.
The property, less than a mile from the US$500 million campus rival Goldman Sachs Group is building, is owned by Trammell Crow and currently houses a seafood restaurant and a defunct gym.
The bank would invest about US$684 million in the property by 2031, while the developer would spend around US$650 million to construct the building. It would create space for as many as 4,800 jobs by the end of 2039, according to the document.
Morgan Stanley plans to occupy 255,000 square feet in a nearby tower for a little over four years while the permanent space is built. It would move into the new building in 2031 with a 16-year lease.
Dallas City Council said that Morgan Stanley won’t undergo the project without an economic incentive, so it aims to offer up to US$18.5 million in economic development grants and a tax abatement of up to 90 per cent on business personal property for 10 years.
The city plans to vote on an incentive plan for the project on Wednesday (Jun 24), with Morgan Stanley saying it’s also considering Alpharetta, Georgia.
Morgan Stanley and Trammell Crow declined to comment.
The project extends the Texas city’s rise as a financial centre as Wall Street steps up efforts to lure talent in locations outside New York. Goldman’s 5,000 employee campus is expected to open in 2028, and Bank of America will anchor a new tower going up nearby in the city’s Uptown neighbourhood.
Morgan Stanley’s building would provide a much-needed boost for central Dallas, which recently suffered a one-two punch when two professional sports teams, the NBA’s Mavericks and NHL’s Stars, unveiled plans to build new arenas away from downtown.
Trammell Crow had previously planned a US$200 million, 750,000-square-foot tower at the Morgan Stanley site back in 2020, but the project stalled.
Other parts of Texas are also poised to add finance jobs. Apollo Global Management is leaning toward Austin as the site of its second US headquarters, Bloomberg reported earlier this month. BLOOMBERG
