Goldman Sachs Group Inc. is set to break ground on a new Dallas campus Tuesday that’s expected to house about 5,000 employees.
(Bloomberg) — Goldman Sachs Group Inc. is set to break ground on a new Dallas campus Tuesday that’s expected to house about 5,000 employees.
The building, with two wings, will have more than 800,000 square feet (75,000 square meters) of space. It’s expected to cost $500 million, the architects said in documents submitted to Texas in 2022.
The site, in Dallas’s Victory Park neighborhood, will allow Goldman to consolidate most of its workers across North Texas into one campus, making it the firm’s largest US hub outside its New York headquarters.
Two billionaire developers are behind the project: Ray L. Hunt and Ross Perot Jr. Hunt and Perot will host a groundbreaking event, according to an invitation seen by Bloomberg News. The outpost will be across the street from the Perot Museum of Nature and Science.
Goldman’s move is part of Dallas’s emergence as a destination for the Wall Street diaspora. The region is sweeping in high-profile dealmakers, wealth-management firms and industry giants, as firms and their executives relocate to Texas from higher-cost states including California and New York.
A representative for the bank declined to comment.
“This is a great city, has a huge pool of talent, and we’ve been growing our presence since we established our first office here in 1968,” Chief Executive Officer David Solomon said in April at the company’s annual shareholders’ meeting in Dallas.
Bank of America Corp. is moving its Dallas operations to a new tower that’s a half-mile away from Goldman’s development. And Wells Fargo & Co. has broken ground on a new tower in the Dallas suburb of Irving that will accommodate 3,000 workers.
A handful of asset managers have also relocated to the greater Dallas metro area in the past few years. Charles Schwab Corp. moved its headquarters to the North Texas suburb of Westlake from San Francisco in 2021. Fisher Investments announced in March it would relocate its headquarters from Washington state to Plano, a suburb that’s a 30-minute drive north of Dallas.
–With assistance from Sridhar Natarajan.
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