Financial firms flocking to Dallas

In a sign of the city's burgeoning reputation as an economic hub, a number of major financial firms have been relocating to Dallas in recent weeks.

Citicorp, Jefferies & Company, Citadel and a number of other major financial companies have inked new deals to lease space in the Crescent Office Towers in Downtown Dallas. The relocations - 14 in all - represent the city's growing profile in the finance community, one that could give it clout similar to that of Manhattan.

"We all recognize that establishing Dallas as a global hub for financial institutions and other industries is key to Dallas' long-term economic health, and Crescent is definitely paving the way," Mayor Tom Leppert said at a breakfast event last week, according to MarketWatch. The relocations increase Dallas' growing roster of financial firms to 82 different companies, leasing almost 650,000 square feet of space combined. A handful of other companies, including Morgan Stanley, Goldman Sachs and Maverick Capital, renewed their leases with Crescent Real Estate.

Mayor Leppert told D Magazine that companies are drawn to Dallas because of its central location, proximity to a number of transportation hubs, low cost-of-living and business-friendly tax environment. Additionally, workers from around the country are relocating to Dallas in search of work, he said.

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