World Market Gains Approvals for Next Asset

LAS VEGAS-World Market Center this week received all the necessary city approvals for its fourth building, a 1.1-million-sf, 17-story structure that will connect to the third building, a 2.1-million-sf, 16-story building that is on track to open in time for the Summer 2008 Las Vegas Market. Leasing for the fourth building is slated to get under way next month.

Rising adjacent to the confluence of South Grand Central Parkway, West Charleston Boulevard and Interstate 15, 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. WMC 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 City to help finance the development.

building four on right

All three of the existing buildings are fully leased or committed, a company source tells GlobeSt.com. The first two buildings–a 1.3-million-sf structure opened in July 2005 and 2.6-million-sf building opened in early 2007–had some spaces come available as tenants opted to lease larger showrooms in the newest building but those availabilities have since been backfilled, the source says.

The fourth building is slated to get under way later this year and open in early 2010. When completed, World Market Center will have six million sf of permanent showrooms, making it the largest wholesale merchandise mart in the country. The overall $3-billion development plan calls for 12 million sf in eight buildings to be completed by 2013.

The first two levels of Building D will include flex space allowing for up to 150,000 sf of temporary exhibits to co-locate with the permanent showrooms during Las Vegas Market. Project officials also plan to use the flex space on a year round basis for special events and industry exhibits. Seven of the upper floors are slated to be occupied by US furniture companies. Another six floors are slated for will gift and home textiles companies.