Morgan Stanley sign near a golf course and water hazard under a clear blue sky. — Morgan Stanley’s decision to build a major new hub in Dallas ends Alpharetta’s chance to land the expansion.

Morgan Stanley has chosen Dallas over Alpharetta for a major new regional hub, ending a competition that could have brought a substantial corporate expansion to North Fulton.

Texas Gov. Greg Abbott announced Monday, Sept. 28, that Morgan Stanley Services Group plans to invest $684 million and create more than 3,800 jobs in Dallas. Texas is supporting the project with a $43.85 million Texas Enterprise Fund grant and a $40,000 veteran hiring bonus.

The decision follows North Atlanta Star’s June report on the competition, when Alpharetta emerged as the specific Georgia alternative to the proposed Dallas operation. For North Fulton, the outcome closes off a major expansion opportunity involving thousands of positions and a large office development.

A Dallas expansion built in stages

Morgan Stanley will initially occupy temporary space at Fountain Place in downtown Dallas while a permanent Uptown office tower is developed at 2401 McKinney Avenue.

The company’s investment includes roughly $97 million at the temporary location and $587 million at the permanent campus. The workforce is expected to reach approximately 3,800 by the end of 2035. Dallas has also approved an $18.5 million incentive package.

Morgan Stanley executive Eric Grossman said the expansion reflects the company’s interest in markets offering growth, innovation and talent. He described Dallas as a strategic location for serving clients and recruiting employees.

What the decision means for Alpharetta

The Dallas announcement does not identify a closure of Morgan Stanley’s Alpharetta operation or say that existing Georgia employees will be transferred to Texas. The planned Dallas positions should not be read as an equivalent number of jobs being eliminated here.

Morgan Stanley already has a substantial Georgia presence. In July 2023, the company employed more than 4,000 people statewide and was nearing a goal of adding 1,800 Georgia workers, with many of those positions at its Alpharetta campus.

Those operations included technology, research, human resources and support for Morgan Stanley at Work and ETRADE. The company’s 2020 acquisition of ETRADE had strengthened its presence in the state. Those employment figures are historical, rather than a current headcount.

For Alpharetta, the immediate result is a missed opportunity for another major investment by an established employer. What remains unanswered is whether the Dallas decision changes any of Morgan Stanley’s future expansion plans in Georgia.