Royal Ridge II. Picture courtesy of JLL
Menlo Equities has landed a tenant for Royal Ridge II, an roughly 103,000-square-foot workplace constructing in Irving, Texas. Texas AirSystems has signed a full-building lease on the property.
JLL negotiated the settlement on behalf of the proprietor, which acquired the asset from Accesso Companions in 2021, CommercialEdge information reveals. Stream Realty Companions represented the tenant, a producer of HVAC programs. The deal represents a relocation for Texas AirSystems, which has been aiming to solidify its presence within the Dallas-Fort Price market, the corporate’s vp of gross sales, Tony Tanzillo, mentioned in ready remarks.
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Positioned at 8081 Royal Ridge Parkway, the two-story workplace constructing options two passenger elevators, 51,761-square-foot ground plates and 621 parking spots, based on CommercialEdge. Menlo Equities lately accomplished its renovation plan for the Royal Journey I and II properties. The belongings now embrace an outside kitchen space with seating, strolling paths, inexperienced areas and a pavilion, in addition to newly upgraded tenant lobbies and restrooms.
Located on a 7.5-acre lot, Royal Ridge II is near State Freeway 114 and Interstate 635, 4 miles from Dallas-Fort Price Worldwide Airport, 16 miles from downtown Dallas and inside 30 miles of downtown Fort Price, Texas. Moreover, the property is near a number of retail and eating choices, reminiscent of Kroger, Goal or Irving Towne Middle.
JLL Vice President Michael Williams and Senior Managing Director John Brownlee represented Menlo Equities, whereas Stream Realty Companions Managing Director & Companion Ryan Boozer, along with Managing Director Dan Harris negotiated on behalf of the brand new tenant.
Sturdy fundamentals
Latest CommercialEdge information reveals that, regardless of difficult instances, Dallas-Fort Price’s workplace market confirmed good fundamentals all through 2022. The metro’s 6.2 % progress in office-using jobs, on a year-over-year foundation, is the nation’s highest. This fueled the market’s growth pipeline, leading to practically 3.1 million sq. ft of area accomplished final 12 months, securing a spot into one of many 10 U.S. markets for workplace deliveries. The Metroplex’s workplace emptiness was set at 17.9 % in January, rating second after Charlotte at 13.2 %, however surpassed by Austin at 19.1 %.
Latest offers within the space embrace Taconic Capital Advisors’ 30,650-square-foot lease with Forv/s, at its 388,432-square-foot Class A Worldwide Plaza 2 in Dallas. The regulation agency’s full-floor dedication introduced the property to 93 % occupancy.
In February, Lightbeam Well being Options signed a 33,000-square-foot lease at Cypress Waters, a 300,000-square-foot workplace property in Coppell, Texas. JLL assisted the tenant in its headquarters relocation course of.
