Morgan Stanley to Open $1.3 B Dallas Hub, Adding 3,800 Jobs

Dallas Mayor Eric Johnson confirmed that Morgan Stanley will establish a new operations hub in Uptown Dallas, centered on a skyscraper at 2401 McKinney Avenue. The development is projected to generate roughly 3,800 jobs and bring an estimated $1.3 billion in capital by 2031. City officials have approved exterior signage and demolition of the site has begun, while the bank secured an $18.5 million development grant from the city.

The project also receives a $44 million cash grant from the Texas Enterprise Fund, administered by Governor Greg Abbott’s office, after the firm demonstrated it considered out-of-state options. Morgan Stanley’s chief legal officer Eric Grossman highlighted the firm’s commitment to Texas’s financial services sector, joining other major banks that have recently expanded in the Dallas-Fort Worth area as they move away from higher-tax locales like New York City.