Located at 7155 Lindell Rd., the building is owned by Majestic Realty Co. Nevada Power signed a 20-year lease valued at $79 million, according to an SEC filing, which averages out to $1.13 per sf per month. The discount to market rate, which is closer to $1.50 per sf, is due to the size of the lease and the fact that Nevada Power, given its lower cost of capital, leased the building in shell condition and is paying for its own tenant improvements, including the mezzanine office space.

The building sits on 16 acres. The lease includes an additional 16 acres for "operational use." The cost of the mezzanine space and improvements to the adjacent land, which will include pavement and shade structures and screening walls, will total approximately $50 million over the life of the lease, according to the SEC filing. The lease agreement includes renewal options.

The monthly lease rate for the first three months of the lease is $125,000. It jumps to $250,000 per month in the fourth month and remains there through the first two years of the lease. The lease rate then increases by 6% every 24 months through the end of the 240-month lease term. The monthly lease rate for the final two years of the lease is $422,369, or $1.46 per sf.