Dallas Mayor Eric Johnson gave Morgan Stanley a big “howdy!” on Monday, blasting out an announcement that makes the banking giant’s expansion into the heart of Texas official.
The move, first reported by The Post, marks another vote of no confidence in New York City Mayor Zohran Mamdani’s tax-and-spend agenda and formally cements Dallas’ growing reputation as a premier destination for financial institutions — a burgeoning sector local leaders have branded “Y’all Street.”
Morgan Stanley is slated to anchor a new tower at 2401 McKinney Ave. in Uptown Dallas. The move is expected to bring an influx of 3,800 jobs and an estimated $1.3 billion capital investment to the city by 2031.
“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,” Johnson, a Republican, said in a statement.
“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,” he added.
The Post broke the news that the bank selected Dallas over competing sites, including a proposed location in Alpharetta, Ga., after reviewing a series of obscure municipal filings that effectively confirmed the move was a done deal.
On Aug. 6, the Dallas City Plan Commission approved exterior skyscraper signage for the bank, while demolition crews recently cleared the McKinney Avenue site.
Morgan Stanley began listing Dallas-based positions on public job boards weeks before the mayor’s official confirmation. The bank agreed to an $18.5 million development grant with city officials.
The relocation is closely tied to the Texas Enterprise Fund, winning a deal-closing $44 million cash grant overseen by Republican Gov. Greg Abbott’s office.
Under state guidelines, companies must demonstrate they are actively weighing out-of-state alternatives and have not finalized their location decisions to remain eligible for the taxpayer-funded subsidies
The expansion is the latest blow to traditional financial centers like New York, as legacy banks continue shifting operations to lower-tax, business-friendly jurisdictions.
Morgan Stanley joins a growing roster of financial heavyweights, including Goldman Sachs and Wells Fargo, that have recently expanded their footprints in the Dallas-Fort Worth area.
“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’s chief legal officer Eric Grossman.
“We greatly appreciate the support of the State of Texas, the City of Dallas, and Dallas County and look forward to deepening our roots and contributing to economic growth in the state,” he added.