LAS VEGAS-Wells Fargo Bank has signed a 10-year renewal for 60,200 square feet of office space with Fort Worth-based Crescent Real Estate Holdings LLC at 3800 Howard Hughes Parkway, also known as Wells Fargo Tower. The transaction is the largest office lease this year in Las Vegas and one of the largest overall in the market in recent years, according to first vice president Darren Lemmon of the Las Vegas office of CB Richard Ellis, who represented Wells Fargo.

Wells Fargo has been a tenant at the 18-story, 256,000-square-foot tower at 3800 Hughes Parkway since 1987 when the building was completed and opened, according to Bob Boykin, Crescent’s managing director of leasing for Houston and Las Vegas. Boykin was part of a team including Wells Fargo vice president Arthur Barbour and the Las Vegas-based Colliers International leasing team of Lizz and Tom Stilly who represented Crescent in the lease negotiations.

The 3800 Howard Hughes Parkway tower is in the heart of Hughes Center, near Paradise and Flamingo roads and just east of the Las Vegas Strip. Hughes Center, completed in 1987, is a master-planned development that includes nine office buildings totaling nearly 1.4 million square feet of class A space. The center also houses seven upscale restaurants, a Residence Inn by Marriott hotel, locations of Starbucks Coffee and FedEx/Kinko’s, and the Park Towers luxury high-rise condominium development.

Boykin notes that the Wells Fargo lease renewal comes as Crescent is remodeling and upgrading many areas of the building, including the first-floor lobby, elevators, corridors and restrooms. The terms of the lease were undisclosed, but Boykin commented, “We were able to offer the bank very competitive lease rates and terms reflecting today’s market conditions.” Asking rates for the space are $3.25 to $3.45 per square foot per month, full service.