This package was originally published in Dallas-Fort Worth Real Estate Review.

Along with the giant sculptures that mark the southern and western entrances, one of the first things visitors will see at Cypress Waters is a bold new headquarters for 7-Eleven Inc. Designed by Corgan—the same firm that designed the company’s current home at One Arts Plaza—the 300,000-square-foot campus will sit on the north side of Interstate 635 just east of Belt Line Road in Irving.

7-Eleven’s decision to move to the suburbs was big news when the story broke this past spring. After all, the world’s largest convenience store operator had been based in Dallas since the late 1920s. For years, it was the lead tenant in Cityplace along North Central Expressway. Then in 2005, it signed a 15-year lease for 240,000 square feet in One Arts Plaza. Developed by Billingsley Co., the 24-story tower was the first big office play in the Arts District and the first high-rise developed in downtown Dallas in nearly 20 years.

It was an exciting move, but as the years went on, the company’s needs began to change. It required more space—and more parking—and expanding within One Arts Plaza was not an option. Fortunately, Billingsley Co. had other possibilities within its portfolio. The developer wanted to be able to accommodate its tenant’s expansion needs, and with strong demand for office space in the Arts District—and rapidly appreciating rental rates—it felt confident it could find another user to lease the space.

Cypress Waters was an appealing alternative for 7-Eleven. It gave the company the opportunity to be in a single-tenant facility with plenty of parking and room for growth. The development’s central location within the region, making it a convenient commute for employees all over, was another key reason 7-Eleven decided to move, says Lucy Billingsley, partner at Billingsley Co.

Although the deal was in the works for months, it stayed quiet in the market as no brokers were involved. The transaction was negotiated directly by the landlord, the tenant, and the city of Irving.

When 7-Eleven decided to move to One Arts, Dallas supported the company with an incentives package. For 7-Eleven to cut out early, Irving had to be willing to take over that commitment. In an 8-1 vote, the Irving City Council approved just that, agreeing to a $10 million package in tax breaks for both 7-Eleven and Billingsley.

The prestige of securing a headquarters for a global brand like 7-Eleven showcases the city’s pro-business environment, says Beth Bowman, president and CEO of the Greater Irving-Las Colinas Chamber of Commerce. “It makes Irving a natural decision for other top executives looking to relocate their companies,” she says. “We also see this as a creation of job opportunities for our residents, which will help our city maintain its low unemployment rate.”

7-Eleven’s relocation is expected to create as many as 1,250 jobs in Irving and generate $10 million in tax revenue for the city and $15 million in annual taxable sales.

KEY PLAYERS

Developer: Billingsley Co.
Architect: Corgan
Landscape Architect: SMR
General Contractor: Alston Construction
Incentives: City of Irving

This story originally appeared in the Dallas-Fort Worth Real Estate Review.

Read all stories from the Cypress Waters Anatomy of a Deal package:

Creating a Lakeside Legacy
7-Eleven’s New Heaven
Nation Building
Workplace of the Future
A New Multifamily Paradigm
The 25-Year Vision
Educating for the Future
Embracing the Great Outdoors
A Time to Be Bold: Lucy Billingsley