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(Bloomberg) -- Goldman Sachs Group Inc. plans to occupy a new office tower in Dallas that would hold thousands of employees, part of the bank’s expansion beyond its Manhattan base.
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The bank intends to lease a minimum of 800,000 square feet (74,000 square meters) 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 on Wednesday approved a package of economic incentives totaling about $18 million, including tax abatements and job grants for the bank. In exchange, Goldman would 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.
“This is a no-brainer,” council member Tennell Atkins said before the vote. “We are an international city and I don’t believe that any private business or any private entity would do business without some kind of public subsidy.”
A spokesperson for Goldman Sachs said the bank continues “to grow our presence in the Dallas area, but cannot comment at this time on our future expansion plans.”
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.
Other finance firms, including Charles Schwab Corp. and Vanguard Group Inc., have been drawn to the area, which has been positioning itself as a hub for talent.
Goldman already has nearly 4,000 employees in North Texas, at sites including the Trammell Crow Center in downtown Dallas -- close to the new site -- and Galatyn Commons in suburban Richardson.
(Updates with city council vote on incentives.)
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