Exclusive | Dallas OKs incentive package for $1.3B Morgan Stanley office tower
Dallas lawmakers signed off Wednesday on a $18.5 million incentive package to lure a $1.3 billion Morgan Stanley office tower to the city, The Post has learned.Officials at the Dallas City Council unanimously rubber-stamped the deal 15-0 that would give the New York-based bank a special economic grant and up to a decade of property tax abatements, according to a municipal filing reviewed by The Post.In exchange, the Wall Street giant would build a major regional office downtown and shift nearly 5,000 jobs to the city — the latest coup for the booming Texas financial corridor known as “Y’all Street” which beckons New York moneymen looking to flee Zohran Mamdani’s ‘tax-and-spend’ left-wing policies.“Morgan Stanley’s engagement with Dallas speaks to the strength of our financial services ecosystem, and I look forward to welcoming the firm to Y’all Street.We have worked hard to make Dallas America’s most pro-business city,” said Big D Mayor Eric Johnson.
The Ted Pick-led bank hasn’t formally committed yet to the Lone Star state.The company has narrowed its search for a new US operational hub to two finalists — Dallas and Alpharetta, Georgia — the same filing shows.This deal agreed by Dallas officials is designed to try and tip the balance in the city’s favor.
The Post has approached Morgan Stanley for comment.If Dallas wins the bid, Morgan Stanley would execute a two-phase expansion.The bank would initially lease roughly 255,000 square feet at Fountain Place on Ross Avenue while crews build a 708,000-square-foot tower near McKinney Avenue, slated to open in 2031, the filing shows.Morgan Stanley plans to invest about $96.9 million into the temporary site and another $684.2 million into the permanent tower.
The developer would spend an additional $650 million on the building’s shell.Hiring would scale up in waves.Morgan Stanley expects to seat about 1,500 workers by 2031, swell to 3,800 by 2035 and possibly reach 4,800 by the end of t...