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Goldman Sachs Reportedly On The Hunt For A New Office Campus

Goldman Sachs' international headquarters at 200 West St. in New York.

Goldman Sachs is reportedly looking at creating a new hub in Texas, potentially looking to build its biggest campus outside of New York City in Dallas. 

The bank is already in talks with developers, Bloomberg reports, citing unnamed sources, and could replace its Jersey City location over time with this new Dallas location. Goldman has been expanding in areas outside of Manhattan for some time, but this latest maneuver reflects an even greater push into other places around the country. Reports emerged last year that it is considering relocating one of its major divisions to Florida after remote work showed some roles could be moved out of the expensive New York City market. 

Well before the coronavirus pandemic, it had already set up strategic locations in places like Salt Lake City, Singapore, Warsaw, Poland, and Bengaluru, India.

In Dallas, the bank is reportedly looking for less than 1M SF. Its global headquarters at 200 West St. in Manhattan is more than 2M SF. In Jersey City, it has some 1.5M SF, per Bloomberg.

“We continue to grow our presence in the Dallas area but cannot comment at this time on our future expansion plans,” Maeve DuVally, a company spokeswoman, told the publication.

Talk of companies leaving New York and expanding outside of the city can ignite fear in the New York business and real estate community, with many concerned that other parts of the country — with low taxes and perceptions of a more business-friendly environment — are luring money generators away from the city. In 2019, rumors swirled about JPMorgan shrinking its New York City presence. The bank’s CEO, Jamie Dimon, has since said it will reduce its real estate footprint overall.

JetBlue is reportedly considering leaving Queens, while last week Philip Morris International, which handles worldwide sales of Marlboro cigarettes, announced it is relocating its corporate headquarters office and its entire Americas team from New York to Connecticut.