Green Renovation Sparks Leasing Activity

[IMGCAP(1)] Las Vegas

VF Carson LLC, a joint venture of Thompson National Properties’ TNP Vulture Fund VIII and TNP/SLI Green Building Fund, recently executed four new leases at the 302 E. Carson building leading the way for additional leasing activity at the newly green-renovated asset. Over the past few months, VF Carson has executed a lease with the Clark County Constable’s Office for 12,300 rentable square feet for the entire 5th floor, Shangri-La Construction for 2,664 rentable square feet on the 3rd floor, as well as two lease expansions on the 3rd floor with ViaWest Inc. for 3,987 rentable square feet and Corelink Data Center LLC for 1,353 rentable square feet. Based on current executed leases, the 302 E. Carson building is approximately 40% leased. Throughout 2009, the joint venture has been focused on completing a major green renovation to increase the energy efficiency and environmental sustainability of the 302 E. Carson building. The joint venture called on the expertise of the fund’s co-partner, Shangri-La Construction, which specializes in the construction, retrofit and redevelopment of commercial real estate to achieve increased environmental sustainability and energy efficiency, to renovate the asset with the goal of obtaining a Gold certification under the US Green Building Council’s LEED Rating System. Upon certification, the 302 E. Carson building will become the first LEED Certified retrofit in the downtown Las Vegas submarket, which will further increase future leasing activity and drive rental rates, according to a prepared statement.

CB Richard Ellis Inc. represented the lessor, LBA Realty Fund II WBP II LLC, in the $1.58-million, 60-month lease of 17,637 square feet of office space to ITT Educational Services Inc. The property is located at 3825 W. Cheyenne Ave. in North Las Vegas.