Goldman Sachs Break Ground on NorthEnd in Dallas
On Tuesday, October 10, 2023, Goldman Sachs Group Inc., Hunt Realty Investments, and Hillwood Urban broke ground on the new state-of-the-art NorthEnd campus in Dallas. The 800,000 square-foot office center will bring together and expand Goldman Sachs’ workforce from downtown Dallas, Irving, and Richardson to one location, in the new NorthEnd redevelopment, in between the Perot Museum and the American Airlines Center. Dallas is currently the second largest U.S. hub for Goldman, and they have been operating in the city for over 50 years.
In June 2022, City Council authorized an approximately $18 million economic incentives deal for the NorthEnd redevelopment phase, including a real property tax abatement to Hunt, a business personal property tax abatement to Goldman Sachs, and an economic development grant.
The incentives support the significant investment of a minimum of $390 million in real property improvements and $90 million in business personal property improvements. In addition, Goldman has committed to the creation and retention of 5,000 permanent, full-time jobs with an average annual base wage of at least $90,000. In addition to the new office building, a brand-new 1.5-acre park that will bring better connectivity and greenspace to the area will also be developed as part of Phase 1 of the project.
Hillwood Urban, the Dallas-based developer, and New York-based Henning Larsen Architects designed the project to consist of two wings, the tallest being 14 floors. The aim is to achieve WELL and platinum LEED certifications with a plan to power the workplace entirely by electric energy. The campus will also include amenities such as collaboration spaces, on-site café, employee amenities, underground parking, bike parking, and a variety of outdoor gardens and terraces.
This project is the first phase of a much larger NorthEnd development spearheaded and owned by Hunt Realty. The 11-acre high-rise mixed-use development is likely to include additional offices, hotel towers, retail space, and residential.
Construction of the Goldman Sachs office building is expected to be completed in late 2027.