Morgan Stanley, the multinational bank and financial services firm, will make a $684 million capital investment to establish its new U.S. hub in Dallas, according to a news release from Gov. Greg Abbott.
The planned hub would see the company create 3,800 jobs, per the release.
“We welcome Morgan Stanley’s expanded investment in Texas, where the depth of talent and access to America’s rapidly expanding financial center attracts the world’s leading brands across industries," Abbott said in the release. "Opportunity’s address is now Y’all Street.”
The firm's investment will be bolstered by state grants, with a Texas Enterprise Fund grant worth $43.8 million and the Veteran Created Job Bonus of $40,000, according to the news release.
Dallas Mayor Eric Johnson said in a statement Monday that the total value of the development will be around $1.3 billion.
"This decision reflects the strategy we have pursued for the last seven years: maintaining a competitive business environment, developing a deep and talented workforce, and building a city where major employers and their people can thrive.," Johnson said.
It's the latest move in the state and region's push to make North Texas a new financial hub for the country, often dubbed "Y'all Street" by Texas politicians.
"Morgan Stanley's investment will bring new jobs while further strengthening Dallas' economic foundation and position as a global financial and business center leader," Dallas City Manager Kimberly Bizor Tolbert said in a separate news release Monday. "We remain focused on creating an environment where businesses can invest, people can build careers, and all communities across Dallas can thrive."
The city has been competing for the hub for months. In June, Dallas City Council approved an $18.5 million incentive package to bring the hub to North Texas.
“Morgan Stanley’s engagement with Dallas speaks to the strength of our financial services ecosystem, and I look forward to welcoming the firm to Y’all Street,” Johnson wrote in a statement in June. “We have worked hard to make Dallas America’s most pro-business city.”
The first phase will see Stanely Morgan take over 225,000 square feet of office space at Fountain Place in downtown Dallas, signing a four-year lease. The move would include a $97 million investment in Fountain Place by next year.
Morgan Stanely also committed to bringing 1,500 jobs to Dallas by 2031 — a boon for a downtown economy that has watched offices go vacant and companies flee to other parts of Dallas or to leave the city, heading for the suburbs.
James Hartley is the Fort Worth breaking news reporter and producer for KERA News. Got a tip? Email James Hartley at jhartley@kera.org.
KERA News is made possible through the generosity of our members. If you find this reporting valuable, consider making a tax-deductible gift today. Thank you.
