https://www.dallasnews.com/business/real-estate/2022/06/10/goldman-sachs-office-tower-near-downtown-dallas-will-be-the-largest-in-a-generation/

Previous articles when this was first announced quoted insiders as saying that this move would essentially be HQ moving from NYC to Dallas. Goldman's has been decentralizing out of NYC for some time but this is their biggest site outside of NYC by a mile. They are trying to cut costs and covid proved they could decentralize and make it work.

They will always have some presence in NYC, but pretty big damn deal here. Dallas was already on its way to becoming ground zero for US business and arguably already is. Just one more piece in that puzzle.

Quote:

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"This will be the largest office investment in the history of downtown or Uptown in terms of gross development costs."

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And it's just one building in the overall complex being built:

Quote:

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The planned high-rise would kick off construction of Hunt Realty's 11-acre North End development, which is located next to the Perot Museum. The new buildings would surround a 1.5-acre central park.

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The site is where the North End Apartments are, right? That's going to be massive.

AgLaw said:

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The site is where the North End Apartments are, right? That's going to be massive.

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Yep, they are being torn down.

Why? Do their employees not have internet access from their homes?

Wow, interesting. Thanks for sharing.

hoosier-daddy said:

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Why? Do their employees not have internet access from their homes?

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At a minimum, Texas is going to make it worth their while to move here and then ongoing taxes being based here are cheaper anyway for employees.

Their own employees have been pushing for a move out of NYC because it's too expensive to live there.

If Goldman is coming - only a matter of time before JPM makes a similar move I would think. They've got a massive building off DNT and 121 with a vacant parcel of dirt near it that I'm sure they'd build a tower on.

JPMorgan just completed a brand new skyscraper in Manhattan. They won't leave NYC.

chick79 said:

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JPMorgan just completed a brand new skyscraper in Manhattan. They won't leave NYC.

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Just started - due in 2025

JPMC has several major hubs across the states, dfw is #3 behind Columbus and metro Manhattan, then Delaware and Chicago.

Goldman will always have a major presence in NYC, though their new tower is going to be great for dallas and the jobs that will come here and are created here. They already occupy +/- 150k square feet at TCC and are consolidating some operational spots in dfw to Richardson.

Not to mention Wells is about to break ground on a 400-500k sf regional hub in Irving, taking their downtown presence out there and consolidating smaller centers out there.

It makes me wonder if BofA will build their own campus like JPMC did in Plano and Wells/Goldman are doing. They have employees scattered across downtown Dallas, Addison, Richardson, downtown Fort Worth, Frisco and Plano. At what point does it become more advantageous to combine most of those employees at one location and rent a couple floors in Dallas and Fort Worth for Wealth Management and Commercial Bank sales teams?

As someone intimately involved with GS, this has failure written all over it. This will be a disaster.

YouBet said:

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hoosier-daddy said:

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Why? Do their employees not have internet access from their homes?

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At a minimum, Texas is going to make it worth their while to move here and then ongoing taxes being based here are cheaper anyway for employees.

Their own employees have been pushing for a move out of NYC because it's too expensive to live there.

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Again the Corporate office can be in a multi use complex off Pioneer Parkway in Arlington. Why tf build a skyscraper for employees who should be working from home..

I work for a company with HQ in tbe northeast and since covid, nobody's there but Business Development aka the lobbyists.

hoosier-daddy said:

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YouBet said:

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hoosier-daddy said:

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Why? Do their employees not have internet access from their homes?

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At a minimum, Texas is going to make it worth their while to move here and then ongoing taxes being based here are cheaper anyway for employees.

Their own employees have been pushing for a move out of NYC because it's too expensive to live there.

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Again the Corporate office can be in a multi use complex off Pioneer Parkway in Arlington. Why tf build a skyscraper for employees who should be working from home..

I work for a company with HQ in tbe northeast and since covid, nobody's there but Business Development aka the lobbyists.

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**** if I know, but they are doing it.