Dallas-based commercial real estate company Hillwood Urban has been chosen as the developer for Goldman Sachs’ new Dallas campus.
The investment bank’s campus will be located in Uptown Dallas and is one of the largest office developments in the city since the 1980s.
Construction is expected to start this year with a 2027 completion date.
The campus will span 800,000 square feet and employ 5,000 workers. It will be Goldman Sachs’ second-largest hub in the U.S., behind Manhattan, according to the Dallas Business Journal.
Goldman Sachs CEO David Solomon appeared in Dallas in December and spoke on the project.
“Obviously, all of us at Goldman Sachs are very excited about what we have going on in Dallas and what the future holds for us in this great city,” he said, according to Dallas Innovates.
The construction of the new Goldman Sachs represents a significant economic victory for Dallas, which has struggled with a laborious commercial permitting system, which often hampers new growth.
“The building is going to be the most energy efficient and flexible workspace in the Goldman Sachs ecosystem, so the number of employees working in Dallas will continue to trend up,” Aasem Khalil, head of the Dallas office for Goldman Sachs, told the Dallas Business Journal.
“We are sizing the building appropriate for the size of our workforce and the expected growth that we’re going to have in this region,” Khalil continued.
Run by Ross Perot Jr., Hillwood Urban has built several successful developments in the DFW area, including Victory Park, Williams Square in Irving, and the Perot Museum.
The company was the largest commercial real estate developer in North Texas by square feet in 2020, according to the Dallas Business Journal. It will develop Goldman Sachs’ 3-acre campus and 1.5-acre park on land owned by Dallas-based Hunt Realty Investments.
Dallas City Council provided approximately $18 million in incentives to entice Goldman Sachs to build its new hub in the city.
Per the agreement, the investment bank must execute a lease of at least 800,000 square feet by December 31, 2027, with a minimum lease of 15 years.
The agreement also requires Goldman Sachs to create or retain at least 5,000 jobs that pay an average of $90,000 per year, according to the Dallas Business Journal.
