Goldman Sachs is building a $700 million campus in Dallas that will accommodate more than 5,000 employees, marking another significant expansion by a major financial institution into the Texas market.

The 800,000 square foot facility is under construction in Dallas's financial district, positioned between existing towers occupied by Bank of America and JPMorgan Chase. The project represents one of Goldman Sachs's largest regional expansions outside of New York.

The investment is part of a broader trend of financial services companies establishing substantial operations in Texas, attracted by the state's business-friendly regulatory environment and lower tax rates compared to traditional financial centers like New York.

Dallas has been actively promoting itself as an alternative to Wall Street, with local officials and business groups marketing the city to major financial firms. The effort has been dubbed "Y'all Street" by some proponents seeking to position Dallas as a serious competitor to New York's financial dominance.

The construction site sits in Dallas's central business district, where several major banks have already established significant presences. The Goldman Sachs campus is expected to house various divisions of the investment bank when completed.