Third World Market Center Building Filling Up

LAS VEGAS-The 2.1 million-sf third building at World Market Center is “virtually” full nine months prior to its completion, according to those involved. When completed next summer, the $540-million building will take the total square footage of World Market Center to 5 million sf and the total investment to $1.1 billion. Scheduled for completion in 2013, the $2-billion World Market Center development is slated for eight buildings totaling 12 million, which would make it the largest trade complex in the world.

World Market Center is an integrated home and hospitality contract furnishings showroom and convention complex in Las Vegas, a place where designers and manufacturers lease space to show off their latest products to retailers and other wholesale buyers. World Market Center LLC last week completed its largest event to date, with exhibitors occupying more than 3.8 million sf of permanent and temporary exhibit space in the region. The event included 250 new exhibitors and more than 50,000 attendees, including a 27% jump in the number of international buyers.

The World Market Center complex was conceived by real estate developers Jack Kashani and Shawn Samson in 1999. In 2004, they brought on the Related Cos. LP of New York to help finance the development. The 1.3-million-sf first building opened in July 2005. The $345-million, 1.6-milion-sf second building was completed at the start of 2007. The third building, the largest yet at 2.1 million sf, got under way in October with about 25% of the building having been preleased.