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Does Morgan Stanley’s Dallas Hub Make Up for AT&T’s Move to Plano?

Morgan Stanley’s planned Dallas hub is a major investment, but its job projections cannot be directly compared with AT&T’s planned headquarters transition to Plano.
From TheFinanceBase Team4 min to read
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Not on the evidence available. Dallas Mayor Eric L. Johnson called Morgan Stanley’s planned Dallas hub a landmark investment after AT&T announced a gradual headquarters transition to Plano. But the projects’ headline job figures describe different things, cover different timelines and do not establish a comparable net economic impact. Morgan Stanley’s plan is significant for Dallas; it does not prove a one-for-one offset for AT&T’s move.

What Morgan Stanley plans for Dallas

On September 28, 2026, the City of Dallas announced that Morgan Stanley had selected the city for a new U.S. operations hub. The company’s project is phased: it would begin at Fountain Place and later move to a planned permanent office in Uptown.

Two sites and a phased schedule

A June 24, 2026 Dallas City Council project record describes an initial approximately 255,000-square-foot space at 1445 Ross Avenue in Fountain Place. The short-term lease is planned for about 52 months, with operations expected to begin in 2027. The company is then expected to move to a planned approximately 708,000-square-foot build-to-suit office at McKinney Avenue and Fairmount Street. The contemplated long-term lease would begin in 2031. These are project plans, not completed moves or construction milestones. Dallas City Council project record

What the job projections mean

The council record projects 1,500 jobs at the temporary site between 2027 and 2031. At the permanent site, the plan is to move those 1,500 jobs and 115 other Dallas-market jobs, then add or relocate 2,200 more by the end of 2035, reaching 3,800 positions. It also describes a possible additional 1,000 jobs by the end of 2039. The figures include transfers and relocations as well as additions; they are not a count of 3,800 newly created jobs.

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Why the Morgan Stanley investment figures differ

Dallas describes more than $1.3 billion in direct and indirect capital investment. The Texas Governor’s Office separately cites $684 million in Morgan Stanley capital investment. Those figures have different scopes, so they should not be treated as competing estimates of the same measure. The council record gives more detail: approximately $96.9 million in real estate and business personal property improvements at the temporary site in 2026–27, and approximately $684.2 million at the permanent location by the end of 2031. Dallas City Council project record Office of the Texas Governor announcement

The project record gives an expected average annual wage of $128,000, excluding benefits. That is a project expectation, not a guarantee that each job will pay that amount. It also describes tax abatements and grants with job and investment conditions. Dallas summarized an economic development grant of up to $18.5 million based on actual jobs created; the state announced a $43,849,500 Texas Enterprise Fund grant and a $40,000 Veteran Created Job Bonus. These are authorized or conditional support figures, not evidence that all amounts have been paid. Dallas City Council project record City of Dallas announcement Office of the Texas Governor announcement

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What AT&T’s planned move to Plano involves

AT&T announced on January 5, 2026, that it planned to transition its headquarters to a new campus in Plano. Dallas said the move would be gradual and attributed the decision to the company’s preference for a large, horizontal suburban-style campus rather than a downtown high-rise setting. City of Dallas statement

Plano’s February 23, 2026 announcement describes redevelopment of the former EDS campus at 5400 Legacy Drive into a planned 2 million-square-foot global headquarters campus. Its agreement refers to up to 10,000 jobs that may be transferred, retained or created. That ceiling is not a claim that AT&T will add 10,000 new jobs. Plano also announced incentives tied to redevelopment, investment, jobs and long-term presence: a $10 million redevelopment grant, a $1,000-per-qualifying-job incentive and a partial city tax rebate on new property value for 25 years. City of Plano announcement

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How the two projects compare

Measure Morgan Stanley in Dallas AT&T in Plano
Project status and timing Announced September 28, 2026; phased operations are expected to begin in 2027, with the permanent site planned for 2031. Dallas announcement Council record AT&T announced a planned transition on January 5, 2026; Plano described the campus plan on February 23, 2026. Dallas described the transition as gradual. Dallas statement Plano announcement
Job figure 3,800 positions projected at the permanent site by the end of 2035, including transfers and relocations; a possible 1,000 more by the end of 2039. Council record Up to 10,000 transferred, retained or created jobs under the campus agreement; not all are new jobs. Plano announcement
Investment or campus scale Dallas cites over $1.3 billion in direct and indirect investment; the state cites $684 million in Morgan Stanley capital investment. Dallas announcement Governor’s Office Planned campus of 2 million square feet; the announcement does not state a comparable investment total. Plano announcement
Wage information Expected average annual wage of $128,000 excluding benefits, according to the council project record. Council record Not stated in Plano’s announcement. Plano announcement

Does Morgan Stanley make up for AT&T’s move?

There is no comparable net-impact calculation in the available official announcements and project records to show that it does. A projected 3,800 positions at Morgan Stanley and an AT&T campus agreement covering up to 10,000 transferred, retained or created jobs are not like-for-like measures. They also refer to different cities and schedules, and neither establishes how many net new jobs will ultimately be added or lost.

The sources do not provide a common realized estimate of wages, tax receipts, supplier effects or the economic impact that would have occurred if AT&T had stayed in Dallas. The numbers support describing Morgan Stanley’s project as a major Dallas investment and AT&T’s Plano campus as a substantial headquarters transition. They do not substantiate a one-for-one offset.

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What is known—and what remains uncertain

  • Established as announced plans: Morgan Stanley selected Dallas for a phased U.S. hub, with Fountain Place as its initial site and an Uptown office planned as the permanent location.
  • Established as announced plans: AT&T intends a gradual headquarters transition to Plano’s former EDS campus.
  • Not yet established by these figures: the final number of jobs created, transferred or retained at either project, the incentives ultimately paid, or the net economic effect across the region.

The Dallas Regional Chamber says it participated in the Morgan Stanley site evaluation and frames the selection as a regional hub decision. That is useful context, but it is the Chamber’s account rather than an independent estimate of the project’s economic impact. Dallas Regional Chamber account

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