(Bloomberg) -- Bank of America Corp. is moving its Dallas operations to a new skyscraper a half-mile away from where Goldman Sachs Group Inc. is building its own hub.

Bank of America has agreed to lease about half of a 30-story building overlooking Klyde Warren Park, a popular urban green space that connects downtown Dallas with the arts district. 

The project, which is being developed by Dallas-based Pacific Elm Properties and KDC, is expected to be completed by 2027, the developers said in a statement on Wednesday. 

The bank plans to relocate about 1,000 of its employees who work in its current downtown office building to the new location, which will be named the Bank of America Tower at Parkside. The lender will occupy 238,000 square feet of space in the building, which will feature tenant amenities such as a cocktail bar and outdoor terrace.

With about 14,100 employees across the metro area, Dallas is Bank of America’s second-largest employment hub behind its headquarters in Charlotte, North Carolina.

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The move will bring Bank of America closer to its rival Goldman Sachs, which is building a new three-acre campus in the same upscale Victory Park neighborhood of Dallas. The campus, which is due to open in 2026 and house 5,000 workers, will be Goldman Sachs’s largest US site outside of New York. 

Another major lender, Wells Fargo & Co., is also expanding its presence in the Dallas area, with a new tower in the suburb of Irving that will accommodate more than 3,000 workers by 2025.

The developers of the Bank of America Tower at Parkside said they will begin demolition work on the site next month and start construction by year-end. 

“We look forward to being the signature tenant at the Bank of America Tower at Parkside as we provide a great place for our teammates to work as part of our longstanding commitment to Dallas,” Bank of America Dallas President Jennifer Chandler said in the release.

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