Morgan Stanley selected Dallas, Texas, for a major operational expansion over Alpharetta, Georgia. The firm will anchor a new $1.3 billion office tower spanning 709,000 square feet. It plans to relocate up to 4,800 jobs to the city by 2031.
The Dallas City Council approved an $18.5 million incentive package for the project in June. This support includes a combination of grants and property tax abatements.
The expansion will occur in two phases. Operations will initially move into temporary, renovated space at Fountain Place. The firm will complete its final relocation to a new skyscraper at 2401 McKinney Avenue upon its completion.
This decision follows a trend of financial institutions moving to Texas for its business-friendly climate. The new hub is located less than one mile from a new campus being built by rival Goldman Sachs.