Wall Street is Coming to Texas

 6/23/2026

Morgan Stanley MS -0.08%decrease; red down pointing triangle is considering plans for a $1.33 billion operational hub in Dallas, a sign that the bank is following its Wall Street peers to the Lone Star State.

The bank’s plans would involve an investment of about $684.2 million in the proposed 708,000 square foot building at 2401 McKinney Avenue, with the developer investing another $650 million, according to a draft resolution in front of Dallas’s city council.

While the permanent office is being constructed, Morgan Stanley would invest around $96.9 million in a temporary office with a 52-month lease at 1445 Ross Avenue, according to the plan. The bank would move into its permanent home in 2031.

Morgan Stanley’s Texas expansion would bring 3,800 new jobs to Dallas through 2035 and could add another 1,000 by the end of 2039, according to the resolution.

The resolution would authorize Dallas to grant Morgan Stanley a 90% tax abatement on the added value of the project and up to $18.5 million in economic-development grants. It is slated for consideration by the city council on Wednesday.

The bank has been coordinating with city staffers for months as it considered sites for an expansion, according to the resolution.

Morgan Stanley and Trammell Crow, the owner of the McKinney Avenue site, declined to comment.

If the project is carried out, Morgan Stanley would join a host of other financial institutions to establish or expand operations in Texas over the last several years, such as JPMorgan Chase, Goldman Sachs, Wells Fargo and Charles Schwab Corp. Other major companies—including Exxon Mobil and Elon Musk’s SpaceX and Tesla—have or are currently relocating to the state.

Morgan Stanley is also considering pursuing the project in Alpharetta, Ga., according to the resolution.

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Corrections & Amplifications
Morgan Stanley expects its possible Dallas operational hub to support 3,800 jobs through 2035, after it coordinated with city staffers for months while considering sites for its expansion. An earlier version of this article incorrectly said the company coordinated with Dallas staffers to identify a site in the city for a headquarters that would support 2,200 new jobs through 2035. (Corrected on June 22)