The Dallas City Council approved an $18.5 million financing and tax abatement package for Morgan Stanley. The incentives target a potential $1.3 billion office development. The proposed tower will span 708,000 square feet. Construction could begin as early as this fall. The project has a scheduled completion date of 2031. The deal is contingent on Morgan Stanley choosing Dallas over Alpharetta, Georgia.
The project expects to create between 2,000 and 4,800 jobs. Morgan Stanley will lease 255,000 square feet of temporary space in the interim. The bank will provide $684 million in project funding. The developer will contribute an additional $650 million to the total investment.
This move signals a major boost for the local office real estate market. The development counters broader industry struggles with high vacancy rates and remote work.