Morgan Stanley has reportedly picked Dallas over Alpharetta, Georgia, for a phased operational hub involving more than $1.3 billion in planned company and developer spending that city records say could support 4,800 jobs by 2039.
The New York-based financial giant chose Dallas after months of competition between the two cities, the New York Post reported Thursday. Morgan Stanley has not announced the decision publicly.
The reported selection advances a project The Dallas Express covered in June after the Dallas City Council unanimously approved up to $18.5 million in grants plus 90% business personal property tax abatements. The abatements run for five years at the temporary site and 10 years at the permanent site under the city agreement.
A two-step Dallas landing
Morgan Stanley signed a roughly five-year lease in mid-July for 123,000 square feet at Fountain Place, 1445 Ross Ave., with an option to expand, The Dallas Morning News reported Friday.
The city agreement contemplated a 52-month lease for approximately 255,000 square feet at Fountain Place and $96.9 million in real estate and business personal property improvements during 2026 and 2027.
For the permanent phase, Morgan Stanley would enter an approximately 16-year lease for a 708,000-square-foot build-to-suit office building centered at 2401 McKinney Ave. beginning in 2031. Morgan Stanley would spend about $684.2 million, while the developer or landlord would spend another $650 million on the building’s core and shell.
Jobs build through 2039
The city records show a slower employment schedule than the 4,800 jobs by 2031 figure circulating in some reports. Morgan Stanley plans to relocate from outside Dallas or create approximately 1,500 jobs between 2027 and 2031.
After the permanent hub opens, the company would add approximately 2,200 positions by the end of 2035 for a total of 3,800 jobs at the site, including 115 positions moved from elsewhere in the Dallas market. Morgan Stanley has indicated it could add another 1,000 jobs by the end of 2039, bringing the possible total to 4,800.
The expected average annual wage is $128,000 before benefits, according to the city.
Public trail points to Morgan Stanley
Official city sign records identify Morgan Stanley as the tenant at 1445 Ross Ave. and detail four proposed back-lit channel-letter signs bearing the company’s name. City staff recommended approval, and the Special Sign District Advisory Committee approved the 366.3-square-foot southeast sign 5-0 on July 14.
The City Plan Commission approved all four applications on August 6, the Dallas Business Journal reported. The city’s online minutes remain draft and do not display final actions.
Demolition crews also began clearing a former Gold’s Gym on McKinney Avenue earlier this month to make way for the planned tower, the Dallas Business Journal reported on August 11. The city’s estimated project schedule calls for construction to start this fall and operations to begin in 2027.
‘Y’all Street’ lands another heavyweight
Dallas Mayor Eric L. Johnson (R) cast Morgan Stanley’s interest as proof that the city’s pro-business pitch was working when the council approved the incentive package.
“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,” Johnson said in a statement.
City staff estimated the project would produce $64.9 million in net benefits to Dallas over the incentive agreement’s term, or $37.4 million in present value. The agreement ties the grants and tax abatements to job, spending and project milestones.
Johnson sharpened that pitch after New York City Mayor Zohran Mamdani (D), a democratic socialist, won the Democratic mayoral primary in June 2025, as The Dallas Express previously reported.
Johnson invited concerned New Yorkers and business owners to move to Dallas in a public post on X that week, citing the city’s support for police, free markets and business partners and its rejection of excessive regulation.
The reported Morgan Stanley choice became the latest example of Wall Street firms expanding in Texas after Mamdani’s election, according to the New York Post. Morgan Stanley has not publicly linked its Dallas plans to Mamdani or his policies.
Provided by Dallas Express
