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Dallas lands Morgan Stanley hub with $1.3B investment
23 Aug
Summary
- Dallas chosen for Morgan Stanley's operational hub over Alpharetta.
- Project involves over $1.3 billion in spending and supports 4,800 jobs.
- Phased expansion includes temporary and permanent office leases.
Morgan Stanley has reportedly chosen Dallas over Alpharetta, Georgia, for a significant new operational hub, signaling a substantial investment of over $1.3 billion. City records indicate this phased development could support up to 4,800 jobs by 2039. This decision follows a competitive selection process between the two cities, with official public announcement still pending.
The project involves a two-step approach within Dallas. Initially, Morgan Stanley signed a lease for approximately 123,000 square feet at Fountain Place, with plans for further expansion. The city agreement details future real estate and business property improvements.
For the permanent phase, set to begin in 2031, Morgan Stanley plans to occupy a 708,000-square-foot build-to-suit office building. This phase involves an estimated $684.2 million in spending by Morgan Stanley and an additional $650 million by the developer or landlord for the building's core and shell.
Employment is projected to build gradually, with an initial 1,500 jobs expected between 2027 and 2031. The number of positions is anticipated to grow to 3,800 by the end of 2035, potentially reaching 4,800 jobs by the end of 2039, with an average annual wage of $128,000 before benefits.
