(Bloomberg) -- Goldman Sachs Group Inc. plans to anchor a new office tower in Dallas that would hold thousands of employees, part of the bank’s expansion beyond its Manhattan base.
The bank intends to lease a minimum of 800,000 square feet of space in a property that will be built by Hunt Realty, according to Dallas city documents. Goldman and the developer are investing roughly $500 million in the project, on several acres at 2323 N. Field St.
The city council is scheduled to vote Wednesday on a package of economic incentives totaling about $18 million, including tax abatements and job grants for the bank. In exchange, Goldman will create a minimum of 5,000 jobs at the tower by the end of 2028, with an average base salary of $90,000, the documents show.
“We continue to grow our presence in the Dallas area, but cannot comment at this time on our future expansion plans,” a spokesperson for Goldman Sachs said in an email.
The Wall Street titan has been on the hunt for a new office campus in Dallas that may become its largest presence in the US outside of Manhattan, Bloomberg reported a year ago. Chief Executive Officer David Solomon has been seeking to reshape US operations to cut expenses and shift thousands of jobs to cheaper locales.
Goldman already has nearly 4,000 employees in North Texas, at sites including the Trammell Crow Center in downtown Dallas and Galatyn Commons in Richardson.
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