UBS Plans Adviser Training Hub in Uptown Dallas

UBS is adding another high-profile tenant win to Uptown Dallas, signing on for a new office hub aimed at reshaping how the Swiss banking giant trains and deploys financial advisers in the U.S.

The wealth management firm will take 26,000 square feet at 23Springs, a 26-story office building at 2323 Cedar Springs Road, according to a filing with the Texas Department of Licensing and Regulation. The filing, first reported by the Dallas Morning News, estimates UBS will spend $5.6 million on the buildout, with construction slated to start this week and wrap up by June.

The new offices will house about 170 employees as part of its Wealth Advice Center, which is focused on serving mass affluent clients through a mix of in-person and centralized advisory services, according to the publication. Dallas will serve as one of four primary hubs for the center nationwide.

The move adds to Dallas’ growing reputation as a financial services magnet, a trend sometimes dubbed “Y’all Street.” Firms like Goldman Sachs and Scotiabank have committed to bringing thousands of jobs to North Texas, clustering largely around Uptown and Victory Park, as previously reported by The Real Deal.

The Dallas hub follows previously announced Wealth Advice Centers in Weehawken, New Jersey, and Charlotte, North Carolina. UBS has said the business carries a three-year growth plan, with one hub planned for each of its four U.S. market regions. Over that period, the firm expects to hire between 400 and 500 additional advisers, Barron’s reported.

The new outpost expands, rather than replaces, UBS’ existing North Texas presence. The firm already occupies two floors at the Crescent in Uptown Dallas, where it employs roughly 70 advisers and about 150 total staff. UBS also maintains offices in Plano and Fort Worth, with about 120 advisers spread across the three locations, all of which will remain open.

For 23Springs, UBS adds another blue-chip name to a tenant roster that includes Bank OZK, Deloitte and law firm Sidley Austin at the corner of Maple Avenue and Cedar Springs Road. The 625,000-square-foot building is Uptown’s tallest office building and was about 63 percent leased as of August.

23Springs is a joint venture between Dallas-based Granite Properties and Highwoods Properties, a Raleigh, North Carolina-based office real estate investment trust, according to the outlet.

— Eric Weilbacher