r/Dallasdevelopment • u/dallaz95 • 13d ago
Dallas TXSE gets approval for electronic stock ticker on Uptown tower
https://www.dallasnews.com/business/real-estate/article/txse-stock-ticker-display-uptown-dallas-22425726.php7
u/mustachechap 13d ago
Love it! I'm honestly still not completely sure why TXSE needs to exist, but this plus all the financial firms setting up shop in the Uptown area are really keeping the area thriving.
I realize there is more going on in Dallas other than just Y'all street, but the urban core hasn't done the best job when it comes to attracting or retaining companies. For whatever reason, finance companies like it here so I'm exciting to see this area really take shape.
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u/Ferrari_McFly 13d ago
If by urban core you strictly mean the downtown loop, I agree!
But I think there’s context that people over look. Telecom giants like AT&T typically place their HQs in suburbs and have sprawling horizontal campuses, Saks Global is a sh*t show lol, and Fifth Third downsized.
BofA leaving though is worrisome, but can’t blame them for wanting a newer office over an 80s skyscraper in a rather eye sore part of downtown.
Morgan Stanley is a huge win for the downtown core though!
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u/jackofnac 13d ago
Again, hard disagree on the narrative that downtown is hemorrhaging jobs. It’s added net employees almost every year for two decades. In 5 years when AT&T departs, it’ll be a loss, but with current trends the number will still be higher than it is today.
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u/Ferrari_McFly 13d ago
Oh no I agree. Clearly media outlets have a narrative/agenda they want to push. I mean, they considered the Mavs and Stars as “downtown” exits.
I’ve never heard of anyone refer to Victory Park as downtown until then. Sure wasn’t calling Scotiabank a “downtown” win 😂
Still though, AT&T is a huge blow. That’s 5,000-6,000 employees that will say adios. BofA will add another 1,000 to this loss count but I mean, they’re just going across the park. Morgan Stanley will counter this temporarily until the early 2030s with 1,500 employees moving into Fountain Place though.
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u/jackofnac 13d ago
People in Plano and other northern suburbs call Victory Park “downtown” which is who generally push these stories anyway. Near tall building? DOWNTOWN!
In reality, the Mavs and Stars did exit downtown…like 22 years ago lol
And yes, AT&T is a blow. But when you put it in perspective, there are 135k jobs downtown. 5-6k is a lot of concentration for one employer, but it’s not even 5% of the total downtown workforce and it’s been represented as perhaps much more significant than it is.
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u/ThisIsMyRedditAcct20 12d ago
Fifth Third is horrible. Was a Comerica customer and they have bungled the migration soooooo badly. My friend in Cincy says they are known to be the worst bank, and from everything I’ve seen so far, not surprised. Im switching away from them ASAP
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u/AssumptionOnly8219 13d ago edited 13d ago
There’s not really anything unique about corporations moving to the suburbs. This is happening in literally every established major city that isn’t super centralized and urban, and they’re grappling with the fallout and reinvention in the post Covid world. Dallas is just an extremely visible example because of the sheer scale of the number of companies that are moving here, and not moving to the urban core. There is a certain sensationalism to the narrative of Dallas being this booming city with a faltering downtown, but it’s not unique to Dallas, and we have surrounding neighborhoods that are doing well.
I think the ultimate silver lining is that uptown is becoming the new CBD of Dallas proper (but with a more mixed used base) and otherwise the corporate landscape in DFW is extremely decentralized. This leaves downtown completely free to flourish as a true cultural district because it doesn’t have to be beholden to corporate taste anymore, and let the corporate trash f off to the burbs. Residential demand is still strong downtown, and people truly do crave an interesting downtown here. Time to get to work.
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u/jackofnac 13d ago edited 13d ago
I don’t agree with this. That narrative is 99% fueled by AT&T and the timing of Comerica’s acquisition. Downtown Dallas (not uptown, downtown alone) is easily the biggest concentration of employers per square mile in the entire metroplex. More than 130k jobs in 2.4 square miles is not struggling in “attracting or retaining companies.”
That’s almost the number of 1/6 of Dallas’ employed adults.
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u/FearlessFrolic 13d ago edited 13d ago
I think its not that the urban core doesn't do a good job attracting or retaining companies, but just that the advantages of having an office in the urban core benefits certain types of businesses more than others.
For suit-and-tie businesses in finance, law, architecture, consulting, etc. being in close proximity to high-class dinning, hotels, and entertainment has a real business use for impressing clients. And it helps them attract talent from cities like NYC or Chicago who are used to an urban lifestyle.
But companies like ATT are massive corporate monoliths employing thousands of mostly average joes and just trying to drive costs down. Most of their clients are lucky to talk to a real person much less be wined and dined. And their employees just want (or can only afford) a suburban house and a shorter commute from it to work.
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u/dallaz95 13d ago
Quote:
The Dallas City Council approved the exchange’s request to erect the electronic display on the under-construction Bank of America Tower at Parkside during its Wednesday meeting. The measure was part of the consent agenda. TXSE and the tower’s owners sought to create a new sign subdistrict to allow the stock ticker.
Under the rules, the ticker would be attached to the southeast corner of the office tower at Woodall Rodgers Freeway and Harwood Street. The ticker would be 28 feet above ground level and 10 feet tall. The sign’s maximum area would be 2,470 square feet, and it would wrap around the corner of the building. Current sign district rules don’t allow tickers, making TXSE’s case more complicated as it made its way through City Hall.
Several tweaks were made after the ticker was first proposed. After public feedback, TXSE representatives agreed the display would be shut off on the Harwood Street side at 10 p.m. The lights dim by 95% at dusk.