- Morgan Stanley will invest $684 million in a Dallas regional hub, Gov. Greg Abbott announced, with a new 700,000-square-foot Uptown tower as its long-term home.
- The firm will house 1,500 employees at Fountain Place through 2031, then move into Trammell Crow Co.’s $650 million tower at 2401 McKinney Ave. on a 16-year lease.
- Following Goldman Sachs’ nearby $709 million campus, the move cements Uptown as North Texas’ premier office submarket and a magnet for financial services tenants.
Morgan Stanley plans a $684 million investment to establish a regional hub in Uptown Dallas, Texas Gov. Greg Abbott confirmed Sept. 28, according to Bisnow.
The firm will operate from temporary space downtown until a new 700,000-square-foot tower rises at 2401 McKinney Ave.
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From Fountain Place to Uptown Dallas
Morgan Stanley signed a temporary lease this summer for 255,000 square feet at Fountain Place, 1445 Ross Ave., in downtown Dallas. The firm will invest about $97 million there, where 1,500 employees will work through 2031.
The remaining $587 million goes toward the Uptown tower. Trammell Crow Co. will spend another $650 million to build it, with Morgan Stanley leasing the building for 16 years beginning in 2031.
The Details
Morgan Stanley aims to employ 3,800 people at the campus by the end of 2035. Executive Vice President Eric Grossman pointed to Texas’ growing financial services industry and access to talent as key reasons for the expansion.
Dallas City Council approved an $18.5 million incentive package in June. Abbott also announced a $43.8 million Texas Enterprise Fund grant and a $40,000 veteran-created job bonus.
Y’all Street Keeps Growing
The tower will sit less than a mile from Goldman Sachs’ 800,000-square-foot campus at 2323 N. Field St., a $709 million project slated for completion in 2028.
Those commitments are fueling a trophy office boom in Uptown, which commands the region’s highest rents and accounts for nearly 94% of North Texas’ office development pipeline, per Bisnow.
Why It Matters
Two Wall Street giants committing to purpose-built Uptown towers signals that DFW’s financial services cluster is more than back-office relocations. The arrival of the Texas Stock Exchange and a New York Stock Exchange office has accelerated a flight to quality among firms seeking a North Texas presence.
For landlords, the gap between Uptown trophy product and older downtown stock keeps widening, even as DFW office strength outpaces national trends.
What’s Next
Watch for Trammell Crow’s construction timeline at 2401 McKinney Ave., which needs to deliver in time for the 2031 lease start.
Downtown Dallas also benefits in the near term. Morgan Stanley’s 1,500 employees at Fountain Place will support downtown occupancy through 2031 while the Uptown tower rises.
