Goldman Sachs plans to move employees from downtown Dallas, Irving and Richardson to the new campus near Victory Park when it opens in 2027.
The New York-based financial giant broke ground Tuesday on a $500 million-plus, 800,000-square-foot building on North Field Street next to the Perot Museum of Nature and Science.
“This region continues to be a hub of talent, innovation and opportunity,” said John Waldron, president and chief operating officer of Goldman Sachs. “It is this incredible promise that connects Goldman Sachs to this region and drives us to expand our presence in Texas. We are honored to be a part of such a groundbreaking development in the city. I think so.”
Waldron said Goldman Sachs has had an office in Dallas since 1968.
“Over the past 50 years, we have grown from a small team of wealth advisors and investment bankers to approximately 4,000 people across Goldman Sachs businesses, including more than 1,000 engineers,” he said. “Dallas is his second largest office in the Americas, outside of New York City, our global headquarters.
“We are very excited that the completion of this new campus will bring the majority of our employees together in one unified location.”
Goldman's 14-story complex is the first phase of the 11-acre North End mixed-use development, which will include offices, retail, residential and hotel rooms surrounding a 1.5-acre city park.
NorthEnd is a development company of Hunt Realty in Dallas. Developer Hillwood is working with the Hunt firm to build Goldman's new campus.
“What Goldman does for us is amazing,” said Hillwood Chairman H. Ross Perot Jr. “This is one of the most well-known companies in our city.
“What you bring to the table is incredible talent,” he said. “You're inspiring us because you're bringing together amazing people from all over the world.”
The new office building on Field Street was designed by Henning Larsen Architects of New York. The building will include a cafe, fitness center, child care facility, meeting space, and an outdoor garden and terrace.
“You're going to love this building,” Perrault said. “This building is going to be very special. It's a truly 21st century building and one of the most prestigious buildings in the world.”
JPMorgan Chase & Co. provided $513.9 million in construction financing for the project, according to county records.
Goldman Sachs will be an equity partner in the building. Balfour Beatty Construction is the general contractor.
Chris Kleinert, CEO of Hunt Realty Investments, said Hunt Realty and its parent company, Hunt Consolidated, have been involved with the Goldman Sachs site for 30 years.
The Dallas-based energy company's real estate arm was an investor in the apartment community that previously occupied the site. The property is located between Field and Houston Streets and adjacent to Victory Park.
“Ray Hunt, our Chairman, had the foresight to recognize what this site could one day become and the patience to resist countless inquiries and unsolicited offers to sell this wonderful site over the past 20-plus years. He had power,” Kleinert said.
He said Hunt Realty worked on the North End development plan throughout the pandemic.
“My first meeting with Goldman Sachs was in the spring of 2021,” Kleinert said. “We were struck by their vision for this project and the transformative effect it would have on their employees. A project like this could easily end up in the suburbs. We had a different vision.”
The Goldman Sachs campus is the largest office development underway in Dallas and one of the largest under construction in the state. The Dallas City Council voted last year to provide $18 million in incentives for the project.
“Goldman Sachs knows where to put the money,” Dallas Mayor Eric Johnson said. “Right now, the smart money is in Dallas, Texas. Goldman Sachs is betting on Dallas.”
The Goldman Sachs campus is one of three large financial industry office projects underway in North Texas.
Wells Fargo is building a $500 million campus in Irving's Las Colinas development that will house thousands of workers. Bank of America just announced plans to move 1,000 employees currently working in downtown Dallas to a new tower it plans to build uptown.
