The complex, comprised of twin mid-rise buildings at 1850 and 1900 E. Flamingo, is owned by the Truck Underwriters Association. The Los Angeles-based association paid approximately $30 million for the property in 2004.
The county's 10-year, full-service lease agreement for the lowest portions of both buildings calls for initial monthly payments of $201, 450.60 ($1.95 per sf) that increase by 3.75% annually. The county may extend the extend the lease three times, first by five years and then twice more in three-year increments.
The total lease consideration is approximately $37 million, not including $7 million the county will spend outfitting the space. Approximately two-thirds of all expenses will be reimbursed by the state of Nevada, according to the county. The state also will sublease from the county approximately 12,000 sf.
The County District Attorney Family Support Division and District Courts is currently located in a Count-owned building at 301 Clark Ave. The lease can be extended first by five years and then twice by three years.
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