Goldman Sachs will bring 5,000 jobs to new Dallas office

New York financial giant Goldman Sachs will place 5,000 workers on an office campus to be built north of downtown Dallas.

The City Council voted Wednesday to give Goldman Sachs and Dallas’ Hunt Realty more than $18 million in economic incentives to build the office project at 2323 North Field St. near the Perot Museum.

The City Council broadly supported the incentives.

“This is exactly the kind of company I think we should invest in,” said Cara Mendelsohn, a board member. “For me, this is an investment that makes sense.”

Board member Tennell Atkins said supporting Goldman Sachs will build the city’s future. “We’re not handing over the store,” Atkins said. “We are trying to sell Dallas.”

Still, board member Paul Ridley questioned the global finance firm’s offer of millions in public funding.

“I don’t see a need for public support for a wealthy public company that is highly capitalized and doesn’t need that money to decide where to set up its offices,” said Ridley, who eventually voted in favor of the proposal.

The Goldman Sachs campus would be part of Hunt Realty’s 11-acre North End development, located between Victory Park and Uptown.

Plans for the mixed-use project include offices, residential and hotel towers and retail space north of the Woodall Rodgers Freeway. The new buildings will be built around a 1.5-acre park.

Goldman Sach’s 800,000+ square foot office will anchor the project.

City-approved incentives are a combination of economic concessions and tax rebates. The City Council agreed to give Goldman Sachs $4.375 million in grants and property and business tax rebates valued at $13.644 million.

Goldman Sachs currently employs approximately 2,500 full-time permanent employees in Dallas, most of whom work at the Trammell Crow Center on Ross Avenue.

“That’s 5,000 jobs — 2,500 held here in the city and another 2,500 added,” said Robin Bentley, director of the Dallas economic development office.

Bentley said the city’s subsidy comes to about $800 per employee, “which is less than what we offer in similar agreements.”

Workers will have an average annual base salary of at least $90,000.

“The types of work we’re looking at are the full spectrum of headquarter services,” Bentley said. “All Goldman Sachs business divisions will be represented outside of the Dallas office.”

Goldman Sachs also considered Salt Lake City, Atlanta and South Florida for the office, according to the city’s economic development department. North Texas is already Goldman Sachs’ biggest job outside of New York.

The new office would be completed “no later than December 31, 2027”.

Along with job creation, the city is asking Goldman Sachs to “partner” with Paul Quinn College, the University of Texas at Dallas and Dallas College to create workforce programs for internships and apprenticeships.

Board member Gay Donnell Willis said the city needed to support projects like the new Goldman Sachs office.

“The idea of ​​us being on our heels in a competitive world will make Dallas a loser,” she said. “Competition is so ready to step in and take projects away from us. Dallas is a winner.”

Goldman Sachs representatives declined to comment on the planned expansion of the Dallas office.

The proposed Goldman Sachs office would cost more than $480 million, according to city records. That would make it the most expensive real estate project in downtown Dallas in decades.

The finance company also has hundreds of employees in an office in Richardson’s telecommunications corridor.

The Goldman Sachs incentive package is one of the biggest Dallas has ever done.

In 2019, California-based transportation company Uber received more than $9 million in city incentives to bring 3,000 jobs to a new building in Dallas’ Deep Ellum neighborhood.

State, city and city officials approved nearly $36 million in total economic incentives to bring Uber’s office to Dallas. But Uber drastically scaled back its Dallas operation during the COVID-19 pandemic and lost the millions in support.

Toyota North America received more than $8 million in incentives from the Plan to relocate its North American headquarters from California. Toyota also received $40 million from the Texas Enterprise Fund for bringing 3,650 workers to the new Plano headquarters.

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