What the Goldman Sachs new Dallas campus will look like
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The new Goldman Sachs office was designed to look like a campus, with dining options, green spaces and other amenities. Rendering: Courtesy of Goldman Sachs
Goldman Sachs is doubling down on Dallas as it prepares to open an 800,000-square-foot campus in the city.
Why it matters: New York City is the country's longstanding financial hub, but businesses are drawn to Dallas because of its relative affordability and space.
- A survey last year found that Dallas was site selectors' top city for new corporate offices. Two stock exchanges are also opening in Dallas.
Driving the news: Goldman has reportedly told its managers in New York to relocate to either Dallas or Salt Lake City as part of a cost-cutting effort.
The intrigue: Dallas is home to Goldman's largest U.S. workforce outside New York City, per Business Insider.
- The company's Victory Park office is expected to be completed by 2028.
Flashback: Goldman has had an office in Dallas since 1968 and has around 4,000 employees in North Texas.
State of play: The company's 3-acre project will have capacity for more than 5,000 workers.
- It will include a 14-story tower, rooftop gardens, bike parking, child care, and multiple dining options, Business Insider reports.
- The company is also developing a 1.5-acre park adjacent to the campus.
- "We build for expansion, and this office is designed to accommodate future growth," Goldman executive Ben Trinder told Business Insider last month.
What they're saying: Goldman executives have said Dallas' culture adds to its allure.
- "When people come, the feedback that I hear quite a bit is that they are overwhelmed by that Southern hospitality and open-door culture that we tend to have," Oksana Beard, a global head at Goldman, told Business Insider last month.
Between the lines: Goldman is among several companies that have axed diversity, equity and inclusion initiatives after conservative blowback and a series of court rulings questioning quotas.
- The company said last month that it was canceling a pledge to ensure diversity on the boards of the companies it helps go public.
Zoom out: North Texas has several campus-style corporate offices, including Toyota's North American headquarters and JPMorgan Chase's regional headquarters, both of which are in Plano.
- Wells Fargo plans to open a 22-acre campus in Las Colinas this year to consolidate its offices in the Dallas-Fort Worth area. The lakeside project will feature solar panels, a food hall and access to golf courses.
Editor's note: This story was corrected to say Goldman executives cite Dallas' culture (but not affordability) as part of the city's appeal.