Goldman Sachs has leased multiple floors in an upscale downtown Dallas office building while construction on the firm’s future campus gets underway.
The New York-based investment bank and financial services firm leased more than 130,000 square feet of office space in the Hilltop Securities Tower located at 717 N. Harwood St.
Goldman Sachs plans to house hundreds of employees in the downtown office tower until the firm celebrates the grand opening of its $500 million, three-building, 1-million-square-foot office campus, as reported by The Dallas Express.
The future office campus has a planned completion date of 2026 and is being built on North Field Street near Victory Park, next to the Perot Museum. Goldman Sachs estimates that its new office campus will house about 5,000 employees.
In the meantime, Goldman Sachs plans to spend more than $11 million renovating five floors in the 34-story, 850,000-square-foot high-rise downtown. The large-scale renovations are set to be completed in June, according to plans filed with the state.
The Hilltop Securities Tower was built in 1980 and had been leased by prominent companies like Diamond Shamrock and KPMG, among others. Today, the tower includes tenants such as Omnitracs, Active Network, Hilltop Securities, and Reel FX.
The timing was opportune for the financial firm, considering the tower faced the possibility of foreclosure. That was until a buyer affiliated with Manhattan’s Dalan Management purchased the property in 2022, Dallas County records show.
City council voted to provide Goldman Sachs a portion of an approved $18 million incentive package.
However, giving Goldman Sachs such a large incentive bonus drew mixed responses from council members.
“This is exactly the kind of company I think we should be investing in,” said Councilmember Cara Mendelsohn. “To me, this is an investment that makes sense.”
On the other hand, Councilmember Paul Ridley questioned the value of offering the global financial firm millions in taxpayer funding.
“I do not see the need for public support for a wealthy public corporation that is highly capitalized and does not need this money to decide where they are going to locate their offices,” said Ridley, though he ultimately voted for the proposal.
