Goldman's $700 Million Dallas Bet Fuels 'Y'all Street'
The New York bank plans to open an 800,000-square-foot campus in 2028 with room for more than 5,000 workers, as Texas leaders press their pitch against Wall Street.
DALLAS — Hundreds of workers are spending years and some $700 million building Goldman Sachs' newest bet on the future of American finance: an 800,000-square-foot campus in Dallas set to open in 2028, with space to eventually employ more than 5,000 local workers.
The project will supersize the New York investment bank's presence in a city where it already has its second-largest U.S. office, after its Manhattan headquarters. Goldman first opened a Dallas office in 1968.
Even half-built, the site has become a symbol of the financial industry's growth in Texas — and of the state's ambition to pull business away from New York. Local officials and the executives they have courted call the boom "Y'all Street."
Goldman is building in "the beating heart of Y'all Street," says Aasem Khalil, the Goldman Sachs partner who runs the Dallas office. He notes that rivals JPMorgan Chase and Morgan Stanley, also headquartered in New York, have or are considering Dallas offices. A lifelong New Yorker who moved south a decade ago, Khalil said the city's "business climate far surpassed any expectation that I had, when I came down here as an uninformed New Yorker."
Texas now has more Fortune 500 companies than California or New York, and has recently attracted Tesla, SpaceX, Oracle, Charles Schwab and McKesson. New state laws making it easier for companies to fend off shareholder challenges have also drawn businesses away from Delaware. North Texas is on track to reach 9 million people by next year.
The pitch has a political edge. "We don't vilify corporations down here," said Dallas Mayor Eric Johnson, a former Democrat who became a Republican in 2023. He named California, which is weighing a wealth tax on billionaires, and New York, where Wall Street figures are protesting the policies of democratic socialist Mayor Zohran Mamdani. "We are a sanctuary city from socialism," Johnson said.
Business leaders are cooler. "I don't think Dallas looks at things as a zero-sum game," Khalil said, calling the growth a "natural evolution." Goldman is not leaving New York, and most banks expanding in Texas are adding offices rather than moving.
The Texas Stock Exchange, backed by Goldman Sachs and BlackRock, opened for trading in July. Both the New York Stock Exchange and Nasdaq have since opened Texas outposts.
This article was produced with the assistance of artificial intelligence (AI), in accordance with our editorial policy.
