Key Facts
- Proposed investment: Approximately $1.33 billion from Morgan Stanley and the project’s developer
- Location: 2401 McKinney Avenue in Dallas’ Uptown area
- Permanent office: Approximately 708,000 square feet
- Employment: 3,800 jobs expected by 2035, with the potential to reach 4,800 by 2039
- Average salary: Approximately $128,000 annually before benefits
- Planned opening: 2031
- City incentives: Up to $18.5 million in grants and a 10-year business personal property tax abatement
- Project status: Dallas has approved the incentive package, but Morgan Stanley has not made a final location decision
Morgan Stanley is considering a new $1.3 billion office development in Dallas that could eventually accommodate as many as 4,800 employees, further expanding North Texas’ growing financial services sector.
The proposed project would center on a roughly 708,000-square-foot office tower at 2401 McKinney Avenue in Uptown Dallas. The site is owned by Trammell Crow Company and is located near other major financial developments taking shape along the corridor connecting Uptown and Downtown Dallas.
The Dallas City Council unanimously approved an economic incentive package for the project on June 24. The agreement could provide Morgan Stanley with up to $18.5 million in economic development grants and a tax abatement covering as much as 90% of the project’s added business personal property value for 10 years.
Morgan Stanley Could Employ 3,800 People by 2035
Under the proposed agreement, Morgan Stanley would establish a major operational hub in Dallas and consolidate several business functions that have been growing across the region.
The company is expected to employ approximately 3,800 people at the new location by the end of 2035. Morgan Stanley could relocate or add another 1,000 positions by the end of 2039, bringing total employment associated with the project to approximately 4,800.
The positions would include jobs in wealth management, technology, legal services, compliance, risk management and business operations. City documents estimate that the jobs would pay an average annual salary of approximately $128,000 before benefits.
Bank Would Use Fountain Place During Construction
While the permanent tower is under construction, Morgan Stanley plans to lease approximately 255,000 square feet at Fountain Place, located at 1445 Ross Avenue in Downtown Dallas.
The temporary office arrangement would last approximately 52 months and involve an estimated investment of $96.9 million. Morgan Stanley would then move into the McKinney Avenue tower when it opens in 2031 under a proposed 16-year lease.
Morgan Stanley is expected to invest approximately $684.2 million in the permanent office project. The developer would contribute an additional $650 million toward construction of the building, bringing the combined investment to more than $1.3 billion.
Dallas Competing With Georgia for the Project
Despite the city’s approval of the incentive package, Morgan Stanley has not formally committed to building the operational hub in Dallas. The financial services company is also considering Alpharetta, Georgia, for the expansion.
City officials estimate that the Morgan Stanley project would generate a net economic benefit of approximately $64.9 million for Dallas over the life of the agreement.
The proposed expansion would add Morgan Stanley to a growing concentration of major financial institutions investing in North Texas. Goldman Sachs is developing an approximately 800,000-square-foot campus near downtown Dallas, while JPMorgan Chase, Charles Schwab, Wells Fargo and other financial companies have expanded their workforces and operations throughout the region.
If Morgan Stanley selects Dallas, the development would represent one of the city’s largest recent corporate office investments and reinforce the region’s emergence as a major U.S. financial center.