Morgan Stanley to relocate 4,800 jobs to Dallas with $1.3 billion tower

Morgan Stanley announced a major expansion outside New York City by relocating up to 4,800 jobs to Dallas, Texas, and anchoring a $1.3 billion, 709,000-square-foot skyscraper. The move follows Dallas City Council’s approval of an $18.5 million grant and a decade-long, 90% property-tax abatement contingent on meeting hiring benchmarks. The bank will first occupy 255,000 square feet at Fountain Place, where a $97 million interior renovation is under way, before moving into the new tower at 2401 McKinney Avenue.

Signage filings show plans for 366.3-square-foot illuminated signs on the building. The decision came after weighing a competing proposal in Alpharetta, Georgia, where Morgan Stanley already has 3,000 employees. Demolition crews have cleared a former Gold’s Gym on McKinney Avenue to make way for the tower. The expansion reflects a broader trend of Wall Street firms moving to Texas for lower costs and favorable tax policies, prompting criticism from New York business leaders.