Morgan Stanley coming to Dallas' Uptown area, set to bring $1.3B in investment, leaders announce
Investment bank Morgan Stanley is officially bringing its next major operations hub to Dallas.
On Monday, city leaders and the office of Gov. Greg Abbott announced that the bank had chosen to open a proposed Uptown location. Morgan Stanley will get an $18.5 million economic development grant from the City of Dallas and two different tax abatements for both phases of the project. One tax abatement will last for five years on 90% of the added taxable value of the business personal property for the first phase, while the other will be a 10-year abatement on 90% of the added taxable value from the second phase.
Additionally, Gov. Abbott's office noted the Texas Economic Development & Tourism Office has extended a Texas Enterprise Fund (TEF) grant of nearly $44 million to Morgan Stanley, plus a Veteran Created Job Bonus of $40,000.
Both the city and the governor's office say the hub will attract more than $1.3 billion in direct and indirect capital investment and create more than 3,800 jobs.
"Dallas's selection as the home of Morgan Stanley's new $1.3 billion operations hub is a landmark investment in our city and another defining moment in the rise of Y'all Street. It will create thousands of high-quality jobs, expand opportunity for Dallas residents, and further strengthen our position as one of America's leading centers of finance and business," Mayor Eric Johnson said in a statement. "This decision reflects the strategy we have pursued for the last seven years: maintaining a competitive business environment, developing a deep and talented workforce, and building a city where major employers and their people can thrive. I am proud to welcome Morgan Stanley to Dallas and grateful for its extraordinary vote of confidence in our city."
"Texas is the financial capital of America," said Gov. Abbott in his own statement. "We welcome Morgan Stanley's expanded investment in Texas, where the depth of talent and access to America's rapidly expanding financial center attracts the world's leading brands across industries. Opportunity's address is now Y'all Street."
"Morgan Stanley's expansion in Dallas reflects our commitment to investing in markets that offer exceptional opportunities for growth, innovation, and talent. With a thriving financial services industry in Texas, we are excited to establish Dallas as a strategic hub for our firm to serve clients and attract top talent in the years ahead," said Morgan Stanley Executive Vice President, Chief Legal Officer, and Chief Administrative Officer Eric Grossman.
Dallas City Council voted in September 2026 to offer the tax incentives to Morgan Stanley. CBS News Texas political reporter Jack Fink previously reported the bank was considering Atlanta, Georgia, as well.
The company will now build a new office located at 2401 McKinney Avenue, just north of the Woodall Rodgers Freeway. However, it'll start operations at a temporary regional office, located south of the freeway at 1445 Ross Avenue.
Morgan Stanley, headquartered in New York City, currently operates offices in 42 countries and employs more than 80,000 people.
The bid to bring the Morgan Stanley hub to Dallas comes as other major names are opting either to set up new operations elsewhere in the metroplex or to migrate out of downtown Dallas. Plano, located about 21 miles northeast of Dallas, has attracted telecom giant AT&T and Korean tech chaebol Samsung.