July 28, 2020
By Lisa Brown
Accesso has signed a lease with Michaels to occupy 123,740 square feet of space at Royal Ridge III, the property’s sole tenant, in the Las Colinas submarket.
A new location will serve as the corporate headquarters for The Michaels Companies Inc., a Fortune 1000 company that has been a fixture in Irving since 2002. Accesso has signed a lease with Michaels to occupy 123,740 square feet of space at Royal Ridge III within the Las Colinas submarket. It will be the property’s sole tenant.
“Michaels has been an extremely valuable corporate citizen in our community for almost 20 years,” says Rick Stopfer, Irving mayor. “Not only does the company provide quality jobs for our residents, but its focus on good stewardship, volunteerism and promoting opportunities for its workforce to be a part of the Irving community is invaluable. We look forward to continuing our strong partnership with the company and its team into the future.”
Royal Ridge III is a class-A office property situated on John Carpenter Freeway which serves 119,000 cars per day. Located near the Dallas/Fort Worth International Airport and numerous flagship hotels, the building features 10-foot ceilings, large glass windows and collaborative work layout.
“The leasing process from initial conversations to signed agreement was completed within an efficient timeframe, and I personally commend the teams at both Accesso and Michaels and their brokers for how diligently they worked to make this important lease come together despite the unique challenges posed by COVID-19,” said Abbey Rowsey, director, asset management and special projects for Accesso.
In preparation for Michaels’ arrival, Accesso implemented a number of health and safety measures at the property to help mitigate the spread of infectious diseases. These protocols include adding more hand-sanitizing stations and leveraging Blue Box HVAC cleaning technology, which filters out harmful bacteria and toxic pollutants.
“Continued access to our highly skilled workforce, central location, as well as business-friendly environment remain critical priorities to our business industry as they evaluate real estate options,” said Beth A. Bowman, Irving economic development partnership president and CEO. “Our team is focused on leveraging that unmatched suburban location to enhance the tax base of our community. We are proud this Fortune 1000 headquarters will continue to remain at home in Irving-Las Colinas.”
JLL’s John Brownlee and Michael Williams served as the lead brokers for Accesso, while Jamie Jennings of Stream Realty Partners and Damian Rivera of ESRP represented Michaels.
“Royal Ridge III is a property where we believe Michaels’ employees will be proud to work, and we look forward to supporting Michaels in its mission to give back and inspire creativity,” Rowsey tells GlobeSt.com.
Las Colinas is a 8,600-acre master-planned business/residential community which comprises 27.4 million square feet of office space and 7.6 million square feet of light industrial and distribution space. Retail space totals 2.9 million square feet.
Las Colinas is home to seven 2019 Fortune 500 companies: ExxonMobil, McKesson, Kimberly-Clark, Celanese, Pioneer Natural Resources, Vistra Energy and Fluor Corporation; 12 Fortune 1000 companies, 13 Inc. 5000 companies and eight of the 25 largest public companies in Dallas-Fort Worth.