Goldman Sachs plans $500 million Dallas campus, shifting jobs from New York

Goldman Sachs is turning Dallas into a bigger power center for the firm with a new $500 million campus expected to open in 2028 and house more than 5,000 employees. The 800,000-square-foot project at 2323 North Field Street in NorthEnd, near Victory Park and the American Airlines Center, is part of a broader move to shift some managers and staff from high-cost hubs such as New York and London to lower-cost cities.

The campus will be Goldman’s second-largest U.S. office after New York City and will rise in two wings, with the tallest reaching 14 floors. Goldman broke ground on the site in October 2023, and the company has said it has deep roots in the city, operating in Dallas since 1968 and serving clients across the Southwest for more than 50 years. The firm currently employs about 4,500 people in the Dallas-Fort Worth area, so the new build signals a meaningful expansion of its local footprint.

The project also shows how aggressively Goldman is using real estate and geography to manage costs. Dallas City Council approved about $18 million in incentives in June 2022 tied to Goldman creating or retaining 5,000 jobs in the city. Work permits filed last year suggested the campus could cost at least $709 million, well above the original estimate, reflecting construction inflation and the scale of the buildout.

Goldman’s relocation push has put pressure on some managers to move from New York or London to Dallas or Salt Lake City, with some staff told to relocate or leave. That matters inside the bank because location is now part of career calculus: the jobs being created or preserved in Texas are tied to cost savings, but they also change where senior people sit, where teams are built and where promotion paths may start to tilt.

The campus itself is designed to support a larger workforce with an on-site café, fitness center, backup childcare, conference spaces, underground parking, outdoor gardens and terraces, and collaborative work areas. For Goldman, the message is clear: Dallas is no longer just a support outpost. It is becoming one of the places where the firm wants to concentrate both headcount and influence.