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Preleasing Strong for Latest Hughes Site

LAS VEGAS-The $72-million, 240,000-sf office building is expected to be more than 90% leased by the time the first space is delivered in February 2007.

By Brian K. Miller | Updated on August 14, 2006

LAS VEGAS-Crescent Real Estate Equities is finding plenty of takers for its latest addition to Hughes Center, the 115-acre class A office development at Paradise and Flamingo roads here that has 1.1 million sf in eight buildings, the newest of which was completed in 1999. Seven years later there’s a new owner and construction is again in full swing, with an 11-story, 240,000-sf tower scheduled for delivery in early 2007 at a cost of $72 million and a smaller sister building scheduled to break ground later that same year.

Crescent Real Estate Equities acquired Hughes Center in 2003 from the Rouse Co. for $233 million. Crescent’s senior vice president of leasing Bob Boykin tells GlobeSt.com that signed leases are in hand for more than 60% of the building currently under construction. “We most definitely will be 93% leased” by the time the first space is ready for occupancy in February 2007, he says.

Hughes Center, anchored by the 17-story, 259,000-sf Wells Fargo Tower completed in 1986, is described by local brokers as the premier office park in the region, and its performance backs that up. While the current class A vacancy rate in the Las Vegas Valley is a scant 4.5%. It’s about half that at Hughes Center, where approximately 150 companies employ some 3,000 people in the fields of banking, law, real estate, gaming, insurance and finance. Project amenities include seven restaurants, a twin-tower residential complex and two nearby hotels.

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