Hunt, Perot to Host Ceremony for Goldman Sachs HQ in Dallas

The ceremonial groundbreaking shovels might actually be gold in this case.

Two Dallas billionaires, Ray L. Hunt and Ross Perot Jr., are hosting a ceremonial groundbreaking event Tuesday for the $500 million Goldman Sach campus their firms are developing near Victory Park, Bloomberg reported.

The City of Dallas is providing $18 million in economic development funds for the project, near the Perot Museum of Nature and Science, which will house 5,000 workers. It’s expected to comprise three mid-rise buildings spanning about 900,000 square feet, developed by Hunt Development Group and Hillwood.

Goldman Sachs’ “regional headquarters” in Dallas is part of “the Wall Street diaspora,” the outlet reported.

A financial district is shaping up around Klyde Warren Park in Uptown Dallas with Goldman Sachs, Bank of America and J.P. Morgan Chase all taking positions near the park, which was built over a freeway near the Federal Reserve Bank of Dallas.

Elsewhere in DFW office news, Rubenstein Partners started renovations recently to the former PepsiCo regional headquarters in Plano.

The Philadelphia-based firm bought 5600 Headquarters Drive in April 2022, its first purchase in the Dallas-Fort Worth submarket. The 27-acre property holds three connected office buildings spanning 250,000 square feet.

The firm plans to renovate to add amenities inside and out. Dallas based GFF is overseeing the design plans. The cost wasn’t disclosed.

The property was valued for tax purposes at over $35 million this year, according to the Collin Central Appraisal District.

PepsiCo, which owns Frito-Lay, bought the building from Citizens Telecom for $25 million in 2003, Commercial Search reported. KDC developed it in 1999.

Rubenstein, a private equity fund manager, focuses on value-add office investments. Rialto Capital Advisors moved to foreclose in August on three suburban Chicago office buildings after Rubenstein defaulted on an $85 million CMBS loan tied to them.