Goldman Sachs Group Inc.\u2019s $500 million bet on Texas is poised to put a stamp on the Dallas skyline. The storied investment bank\u2019s new office complex is ascending out of the ground at a noisy construction site between the American Airlines Center and the Perot Museum in Uptown Dallas.<\/p>\n
By the end of next year, the exterior of the 3-acre campus \u2014 being erected by the development arms of two Texas billionaire families \u2014 will be complete. The bank will take another year to build out the interior and then move in employees sometime in 2028.<\/p>\n
Goldman has ambitious plans for relocations, pushing managers to leave high-cost areas such as New York and London for Dallas and Salt Lake City. The bank currently employs around 4,000 people in the Dallas-Fort Worth area, and will have room for more than 5,000 workers at the 800,000-square-foot complex.<\/p>\n
Business Briefing<\/p>\n
\u201cWe\u2019ve been in Dallas for nearly 60 years, but our new campus cements the city\u2019s position as a critical global hub for the firm,\u201d said Goldman Sachs Vice Chairman Rob Kaplan. \u201cThe new location will help us better serve clients in the U.S. and around the world and offer a convening center for the Dallas community.\u201d<\/p>\n
Dallas has evolved into an \u201cepicenter for financial activity,\u201d according to Christopher Kleinert, chief executive officer of Hunt Realty Investments, which is building the Goldman property with Ross Perot Jr.\u2019s Hillwood Development.<\/p>\n
\u201cYou\u2019ve got the migration of financial institutions coming from the coast,\u201d Kleinert said in an interview on Bloomberg\u2019s Wall Street Week. \u201cYou\u2019ve got a tremendous talent base here.\u201d<\/p>\n
Texas officials have long courted Wall Street by promising a low cost of living and a cooperative government.<\/p>\n
Big Finance is responding. Bank of America Corp. is taking 238,000 square feet in a new tower less than a quarter-mile away from the Goldman site. JPMorgan Private Bank\u2019s offices look out at the area across Klyde Warren Park. Charles Schwab Corp. and Vanguard Group Inc. have built out expanded operations elsewhere in Dallas-Fort Worth.<\/p>\n
The New York Stock Exchange moved its electronic exchange to Dallas from Chicago. Nasdaq is planning a regional headquarters in the city, while the upstart Texas Stock Exchange has drawn investments from Citadel Securities and BlackRock Inc. ahead of a launch early next year.<\/p>\n
Still, New York has a firm grip on the industry. Goldman\u2019s headquarters remains in New York and JPMorgan Chase & Co. is preparing to open its new $3 billion headquarters in the city.<\/p>\n
Housing costs are rising in major Texas cities, threatening the state\u2019s affordability pitch, according to research from the Joint Center for Housing Studies at Harvard University.<\/p>\n
\u201cHow do you continue to have price points of housing available for all; how do you ensure that there\u2019s quality education?\u201d Kleinert said. \u201cIt\u2019s important that we retain our relative affordability.\u201d<\/p>\n
Goldman Sachs’ $500 million bet on Texas is a significant investment in the state’s future. With its new office complex in Dallas, the bank is cementing the city’s position as a critical global hub. As Big Finance continues to respond to Texas officials’ courtship, the state’s affordability pitch is being threatened by rising housing costs. It remains to be seen how Texas will balance its growth with the need for affordable housing and quality education.<\/p>\n
Q: What is Goldman Sachs’ investment in Texas?<\/p>\n
A: Goldman Sachs is investing $500 million in a new office complex in Dallas, Texas.<\/p>\n
Q: How many employees will the new complex have room for?<\/p>\n
A: The new complex will have room for more than 5,000 workers.<\/p>\n
Q: What is the current state of housing costs in Texas?<\/p>\n
A: Housing costs are rising in major Texas cities, threatening the state\u2019s affordability pitch.<\/p>\n
Q: What is the significance of Goldman Sachs’ new office complex in Dallas?<\/p>\n
A: The new office complex cements Dallas’ position as a critical global hub for Goldman Sachs and demonstrates the city’s growing importance in the financial industry.<\/p>\n","protected":false},"excerpt":{"rendered":"
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