Due to market conditions, the lease was reportedly signed for well under the advertised annual rental rate of $18.50 per sf, full service, and included a generous tenant improvement allowance. Insignia/ESG's Dan Swift represented the tenant.
Law firm partner Dick Matson tells GlobeSt.com the firm is simply out of room to grow at its current location. Since 1996, the firm has expanded twice in the building, each time cannibalizing adjacent space after its tenant left. This time, though, the remaining adjacent space wasn't being offered up. "It's a congressman's office," says Matson.
Bank of America Financial Center, on the other hand, "looks like a true class A building" and its size provides space options that match the firm's "long-term ideas for significant expansion," says Matson, and it does so "for not a whole lot more than our current lease."
In another law firm relocation, Miller Nash, currently located at the 11-story, 70,000-sf Riverview Tower, has signed on for 7,000 sf on the fourth floor of the West Coast Bank Building, a six-story, 110,000-sf mixed-use development completed last year.
Lance Killian of developer and building owner Killian Pacific tells GlobeSt.com that construction of the law firm's space is underway. Kirk Robertson of Norris Beggs & Simpson, the leasing agent for the building, says the target move-in date is July.
Advertised annual full-service asking rates in the West Coast bank building range from $22.50 per sf to $24.50 per sf. The lease deal with Miller Nash was reportedly done in the high teens and, like the Bullivant lease, included a generous tenant improvement allowance.
The Clark County office vacancy rate declined slightly during the first quarter of 2002 to 17.12%, according to the latest report from Norris Beggs & Simpson.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
