The 22-year-old, nine-story building is 93% leased. Major tenants include the University of Phoenix, General Services Administration and Clark County Department of Family Services. A renovation in 2000 added a multi-story fountain to the lobby and an adjacent four-level parking garage. The company has retained the property's on site staff, who are now GK employees.
"The area's employment growth, diverse economic base and population-driven growth mark Las Vegas as one of the top ten office markets in the country, " says GK president Garo Kholamian. Kholamian adds that GK has opened a regional office in Las Vegas and will use it as a springboard for the company's expansion into other markets in the Western US.
GK is a real estate development and acquisitions company. The company acquires, develops, repositions, manages, leases and invests for value added growth. Founded in 1995, GK has built a 14-property portfolio of commercial space with more than 1.1 million sf of lettable space.
The company's initial acquisitions included multi-family properties in the Rogers Park area of Chicago. The properties were divested in 2000, two years after the company began executing a strategy to acquire suburban neighborhood retail centers. In 2001, GK formed a joint venture with InvestLinc Securities to create a value-add real estate investment fund. In 2002, GK Development's portfolio more than quadrupled in size with the acquisition of seven additional properties.
In the Chicago area, the company's portfolio includes community shopping centers in Arlington Heights, Palatine, Schaumburg and Lemont. Currently G.K. Development is renovating its headquarters, a three-story office building in downtown Barrington. Among its signature properties is a 50,000-square-foot retail development including Restoration Hardware and Z Gallerie on North Avenue in Chicago's upscale Lincoln Park neighborhood.
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