Morgan Stanley selects Dallas for major expansion and job relocation

Morgan Stanley has selected Dallas, Texas, as the site for a major expansion outside of New York City. The financial institution plans to relocate up to 4,800 jobs to the region by 2031, opting for Dallas over Alpharetta, Georgia.

The expansion includes the construction of a $1.3 billion, 709,000-square-foot skyscraper. To secure the project, the Dallas City Council approved several incentives, including an $18.5 million grant linked to hiring benchmarks and a 10-year, 90% property tax abatement.

This move follows the election of New York City Mayor Zohran Mamdani. Industry observers, including Steve Fulop, CEO of the Partnership for NYC, described the relocation as a ‘wake-up call’ for New York City, noting that other major firms like Goldman Sachs and JPMorgan have also recently highlighted Texas as a significant hub.