The complex, comprised of twin mid-rise buildings at 1850 and1900 E. Flamingo, is owned by the Truck Underwriters Association.The Los Angeles-based association paid approximately $30 millionfor the property in 2004.
The county's 10-year, full-service lease agreement for thelowest portions of both buildings calls for initial monthlypayments 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-yearincrements.
The total lease consideration is approximately $37 million, notincluding $7 million the county will spend outfitting the space.Approximately two-thirds of all expenses will be reimbursed by thestate of Nevada, according to the county. The state also willsublease from the county approximately 12,000 sf.
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