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Cirque du Soleil Renews Office Lease

LAS VEGAS-The entertainment group renews its lease at Hughes Airport Center with CIP Real Estate, which owns 1.3 million square feet there.

By Brian K. Miller | Updated on October 30, 2009

LAS VEGAS-Cirque du Soleil has renewed its office lease at Hughes Airport Center in a deal valued at more than $6 million, according to CIP Real Estate, which owns 1.8 million square feet within the 3.3 million-square-foot mixed-use park in partnership with an investment fund sponsored by Buchanan Street Partners. Irvine, CA-based CIP says it has inked 20 new and renewal leases worth $17-million in the past 90 days.

Cirque du Soleil was the largest of the signed deals by deal value. The well-known entertainment group renewed and expanded its lease to 31,049 square feet of office space at 980 Kelly Johnson Drive. Based on a reported deal value of “more than $6.6 million,” the length of the commitment is believed to be at least seven years, which would equate to a lease rate of $2.53 per square-foot per month. CIP tells GlobeSt.com Cirque’s existing lease has not yet expired. The expansion, along with improvements to Cirque’s existing leasehold, will reportedly begin in the next couple of months.

The CIP-Buchanan partnership was represented in-house by CIP senior vice president Scott Flemer. Patric Ouelett of Devencore Itee in Montréal represented Cirque du Soleil, which will open a new Elvis-themed show at the new 18-million-square-foot CityCenter development, which opens in December. Neither broker was immediately available Friday for comment.

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