Veteran financial services company Morgan Stanley (NYSE: MS) ended the stock trading week in style. On the back of news that it’s approaching the next stage of an ambitious expansion program, investors piled into its stock, pushing it up more than 3% on Friday.
Bigger in Texas
Several media outlets reported that Morgan Stanley has selected Dallas as the place where it’ll expand its footprint. After market close on Thursday, the New York Post reported that the company will become the anchor tenant of a newly built, 709,000-square-foot skyscraper in the large Texas city.
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What helped was the city’s efforts, according to the report. In June, Dallas’ city council passed a set of incentives to coax the finance sector mainstay to put down roots there. These included a conditional $18.5 million grant.
The Post added that Morgan Stanley’s Texas decampment, which it added will affect up to 4,800 employees by 2031, is to occur in two phases. The first will see it occupy 255,000 square feet at Fountain Place, a prominent existing Dallas skyscraper. In the second, the company will take up significantly more space in the new building.
Sign of the (good) times
The fact that Morgan Stanley feels compelled to expand its footprint is a clear sign that it’s doing quite well, thank you very much.
And there’s little reason it shouldn’t — the capital markets it so actively participates in are frothy and, despite concerns over factors like inflation, the American economy continues to grow. Anyone bullish on said economy and markets should consider investing in a powerful player like this company.
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