Morgan Stanley has selected Uptown Dallas as its regional headquarters, delivering a major “Y’all Street” win as Dallas works to retain corporate investment in its urban core.
The financial services giant plans to invest nearly $700 million in a new office tower at 2401 McKinney Ave., the Dallas Business Journal reported. The project is expected to bring 3,800 jobs to the city and replace the former Truluck’s and Gold’s Gym properties.
The site sits between Maple Avenue and Fairmount Street. Trammell Crow Company, the development arm of Dallas-based CBRE Group, controls the land where the new tower would rise. The project calls for demolishing the existing buildings.
Y’all Street Lands Another Win
The Morgan Stanley decision adds another major financial name to Dallas’ growing “Y’all Street” pitch.
As previously reported by The Dallas Express, Gov. Greg Abbott declared Texas the “Financial Capital of America” during a May appearance at the Texas Bankers Association’s annual convention in Dallas, pointing to the state’s growing financial workforce and expanding stock exchange footprint.
The Uptown selection gives Dallas a major urban-core win after a stretch of high-profile losses and relocation announcements.
Dallas Counters Urban-Core Losses
The Dallas Mavericks plan to move to the former Valley View Mall site after their American Airlines Center lease expires in 2031. The Dallas Stars have also advanced a possible move to Plano, while Saks Global plans to close the flagship Neiman Marcus store on Main Street in September.
AT&T has also confirmed plans to shift its headquarters operations from downtown Dallas to Plano by 2028, leaving behind a large downtown office footprint.
Morgan Stanley’s planned Uptown headquarters gives Dallas a major counterpoint to those losses and strengthens the city’s case that its urban core can still compete for major employers.
For Uptown, the project could become one of the city’s most important office development wins in years.
