Morgan Stanley's Harbor Point office.
Morgan Stanley’s Harbor Point office

There’s big economic development news in Baltimore this afternoon, and it doesn’t have to do with Under Armour or Hopkins. Morgan Stanley is set for a big expansion in Baltimore that will bring lots of new jobs.

According to Gov. Larry Hogan’s office, the financial services firm is planning to expand its existing offices in Harbor Point, and add a new location at 100 S. Charles St. It’s expected to create 800 jobs over four years. The firm first set up shop in Harbor Point in 2010, and currently has 1,000 employees here.

“It is a tremendous win for the state and for Baltimore City that a global company like Morgan Stanley is continuing to grow its business here in Maryland,” Hogan said in a statement. “This expansion and the many new jobs being created underscores the promise we made to make our state more competitive and business-friendly, while creating new opportunities for all Marylanders.”

They’re getting some help from the state and city. The state Department of Commerce is providing a $4.5 million conditional grant, and the Baltimore Development Corporation is kicking in a $500,000 convertible loan. Plus, Morgan Stanley is eligible for Maryland’s Job Creation Tax Credit, One Maryland Tax Credit, and Enterprise Zones Property Tax Credit, according to the governor’s office.

Stephen Babcock is the editor of Baltimore and an editor-at-large of Baltimore Fishbowl.