Dallas Mayor Eric Johnson recently said Morgan Stanley’s planned Uptown hub will make up for AT&T’s departure to Plano. The reality, however, is less straightforward.
On Sept. 28, the New York-based investment bank announced plans to open a U.S. hub in a high-rise on McKinney Avenue, near the heart of Uptown. The move is set to bring a $684 million direct capital investment from Morgan Stanley to Dallas, with an overall financial impact expected to run close to $1.3 billion, according to estimates by local officials.
State and city officials quickly hailed the move as a win for Dallas’ rapidly growing financial sector, often dubbed “Y’all Street.” In a release, Texas Gov. Greg Abbott proclaimed, “Opportunity’s address is now Y’all Street,” while Johnson told CBS News the moment marks Dallas “becoming a true financial services hub for this country.”…