Morgan Stanley Opens in Temple Terrace

The future is bright for economic development in Temple Terrace, and financial giant Morgan Stanley’s launch at the Intellicenter in Telecom Park is a shining example, according to Temple Terrace Mayor Frank Chillura.

“I think it exposes us more to compete in the business world,” Chillura said after a press conference Wednesday morning at Morgan Stanley’s new Client Advisory Center, 12653 Telecom Drive, Suite 1000.

In January, Gov. Rick Scott announced that Temple Terrace had beaten sites in Utah and Ohio to bring Morgan Stanley to the city.

“Temple Terrace is an important place for us because of the talent of the community,” said José Morales, executive director with Morgan Stanley, during the press conference. He added that the professionalism of the city itself also drew the company to the area.

Morgan Stanley is a global financial services firm providing investment banking, securities, investment management and wealth management services. The firm’s employees serve clients, including corporations, governments, institutions and individuals, from more than 1,200 offices in 43 countries.

The firm has created $6.6 million in capital investment in the Temple Terrace facility. It began its technology improvements in November, Morales said. At that time, the company also began hiring 20 additional employees to work out of Temple Terrace.

Morgan Stanley relocated 70 employees from Citibank Center in Tampa to the Temple Terrace facility, which opened April 1, Morales said. Over the next five years, the firm will create up to 110 new jobs in Temple Terrace. The positions, which will pay an average wage of $55,000 per year, will include financial advisors, client services associates and operational management. To learn more about career opportunities, visit Morgan Stanley Careers online.

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In November, the Hillsborough County Board of County Commissioners and the Temple Terrace City Council approved a Qualified Target Industry Tax Refund incentive package for the company.

The package will provide $5,000 for each new job, or a total of $550,000, with $440,000 to be paid by the state, $55,000 by Hillsborough County and $55,000 by the City of Temple Terrace. The incentives, paid over a period of six years, are performance-based, which means no money will be distributed until the jobs are actually created at the promised wages.

At the Wednesday press conference, Jeff Lucas, director of Business Recruitment for the Tampa Hillsborough Economic Development Corporation, called Temple Terrace a premier location for a financial services company. Afterward, he said the area seems to be climbing out of the nation’s economic downturn.

“Activity is really strong right now in the entire county and in Temple Terrace,” he said. “So we’re excited about the future.”

Chillura said he’s also excited about the future of economic growth in the city. Tuesday evening, the Temple Terrace City Council approved a plat for future expansion at the Intellicenter.

During the conference, Chillura welcomed executives and employees to the city and said he hoped that those who relocate to the area will find homes in Temple Terrace.

Afterward, he said Morgan Stanley employees saw the benefits of the city’s service personnel first-hand this week when they called the Temple Terrace Fire Department after finding what turned out to be a non-dangerous chemical leak. Chillura said employees told him they were impressed with firefighters’ cordialness and professionalism.

He said bringing businesses like Morgan Stanley to Temple Terrace will help others see the city’s potential. It all ties in with the city’s marketing efforts.

“The more we have to offer,” he said, “the more attractive we become.”

See also:

• Morgan Stanley Coming to Temple Terrace
• Company Could Bring 180 Jobs to Temple Terrace