Chicago Firm Enters Vegas Market

LAS VEGAS-Making its first purchase in Nevada and its fourth outside of Illinois, Barrington, IL-based GK Development recently paid $18.7 million for Atrium Business Tower, a 138,000-sf office building adjacent to State Route 95 on North Rancho Drive. The seller was Sierra Crest Equities, a privately held Sacramento, CA., real estate company.

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.