Goldman Sachs has officially started construction on its 800,000-square-foot, all-electric urban campus in Dallas that is expected to consolidate its local operations under one roof.
Goldman Sachs is teaming up with Hunt Realty Investments and Hillwood Urban on the more than $500 million project at 2323 N. Field St. in Victory Park. Billionaires Ray Hunt and Ross Perot Jr. were in attendance at a groundbreaking Tuesday on the 3-acre tract with bulldozers already moving dirt.
The campus is designed to have room for more than 5,000 employees, up from the current 4,000 workers Goldman Sachs has throughout the Dallas-Fort Worth region, according to a statement from the New York-based company. Goldman Sachs has been operating in Dallas for more than 50 years, and the city is the firm's second-largest employment hub outside of its New York headquarters, where it has more than 10,000 employees, according to Goldman Sachs.
JPMorgan Chase is funding the construction loan totaling $513.9 million, according to Dallas County public records. Balfour Beatty Construction is the project's general contractor.
Denmark-based Henning Larsen Architects' New York office designed Goldman Sachs' new Dallas campus, which is set to have two wings with the tallest being 14 stories. The campus is expected to provide Goldman Sachs with a "modern working environment" with "purpose-built workspaces to enable collaboration and productivity" and support the health and wellness of employees, according to the statement.
The building's features are designed to include an on-site cafe, a fitness center, back-up childcare, underground parking, conferencing spaces and a variety of outdoor gardens and terraces. The design includes social spaces but further information on those features was not disclosed. Construction is scheduled for completion in late 2027.
The project is expected to be Henning Larsen Architects' first in Texas, according to the architecture firm's website. Some of its marquee office projects include Microsoft's Denmark headquarters and Siemens' global headquarters in Germany.
Long-Awaited
Goldman Sachs' campus is getting underway several months after it was originally expected to break ground. The design of the campus also has been trimmed by at least 100,000 square feet from the original plans.
Hunt Realty is the owner of the campus, while Hillwood Urban is the project's developer. Hunt Realty CEO Chris Kleinert said Goldman Sachs is anchoring the real estate company's larger 11-acre mixed-use development called NorthEnd, which includes a 1.5-acre park and is near the Perot Museum, the Katy Trail and American Airlines Center, home to the NHL's Dallas Stars and NBA's Dallas Mavericks.
The new campus is aiming to achieve LEED and WELL certifications with plans to power the hub entirely by electric energy without any gas. The campus is expected to have some sort of renewable energy source, according to a spokesman for Goldman Sachs.
The city of Dallas has offered Goldman Sachs about $18 million in economic incentives in exchange for the company's investment and job creation.
“Goldman Sachs is the premier name in finance and investment banking," Dallas Mayor Eric Johnson said in a statement, adding this expansion by Goldman Sachs in Dallas is a "remarkable sign of how far Dallas has come in recent years."
The Dallas-Fort Worth region is a hub for financial services firms in the southwest United States. Recently, Wells Fargo reached a construction milestone on its new $455 million, 850,000-square-foot office campus in a Dallas-area suburb. Upon completion, the campus is expected to house upward of 4,000 employees for the San Francisco-based bank.
Blocks away from the Goldman Sachs construction site, Bank of America signed the largest multitenant office lease in Dallas this year at 1919 Woodall Rodgers Freeway in Uptown Dallas. The new office building is expected to be completed in 2027.
Like other industries, financial services firms have been flocking to Texas from more costly coastal markets in New York and California. Texas has become the second-largest employment center for JPMorgan Chase with more than 30,000 workers. The New York City-based bank recently moved into its new downtown Dallas office, which it has in addition to its four-building, 1.5-million-square-foot campus in Plano, Texas.
Charles Schwab moved its San Francisco headquarters to Westlake, a North Texas suburb, in January 2021 after closing on the acquisition of TD Ameritrade. Money management firm Fisher Investments also has announced its plans to move its West Coast headquarters to Texas, with its founder being from Dallas. The firm has an office in Plano.