Morgan Stanley Weighs $1.33B Dallas Expansion, Plans 2,200 New Jobs
MS sits 74% above its 52-week low of $130.9 on light trading volume (0.4× avg).
Summary
Morgan Stanley is considering a $1.33 billion deal to establish a new operational hub in Dallas, involving a 708,000 square foot office building. This strategic move includes a $684.2 million investment from Morgan Stanley and could create 2,200 new jobs by 2035, with potential for an additional 1,000 by 2039. The Dallas city council is slated to consider a resolution for a 90% tax abatement and up to $18.5 million in economic development grants. This follows a trend of other major financial institutions expanding their presence in Texas, though Morgan Stanley is also considering Alpharetta, Georgia.
At the time of this announcement, MS was trading at $227.80 on NYSE in the Finance sector, with a market capitalization of approximately $359.3B. The 52-week trading range was $130.90 to $230.47. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.