Goldman Sachs’ new Dallas office will cost $500M

Goldman Sachs’ new downtown Dallas office will cost about $500 million.

Hunt Realty Investments recently demolished an apartment complex at 2323 N. Field Street near Victory Park to make way for the 980,000-square-foot office project, the Dallas Morning News reported.

The project, which is the largest office development Dallas has seen in decades, will become the base of operations for New York-based financial company Goldman Sachs and its thousands of employees.

Construction is set to begin in February, and the buildings are set to open by April 2026, according to documents filed with the Texas Department of Licensing and Regulation. Dallas-based BOKA Powell will serve as architect for the large project.

The Dallas City Council voted in June to grant $18 million in tax incentives for the project in exchange for the estimated 5,000 jobs it will bring to the city.

In the debate ahead of the vote, council member Paul Ridley argued that the city was attracting plenty of new business without offering incentives, while Goldman, which made a profit of more than $21 billion last year, hardly needs the money. Other council members argued Dallas would get its money’s worth, as the Goldman move contributes directly and indirectly to the local economy.

The new office will house the financial firm’s North Texas workers, including about 2,500 full-time employees who work out of the Trammell Crow Center on Ross Avenue, and create more jobs.

Goldman Sachs’ buildings will be nine to 15 stories and sit on 3 acres next to a new park.

The Goldman Sachs buildings will be part of Hunt Realty’s larger mixed-use development that is rising just north of Woodall Rodgers Freeway. It will include residential and hotel towers as well as retail space and a 1.5-acre park.

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Texas

Dallas optimistic about $500M Goldman Sachs expansion

— Victoria Pruitt