First Major Lease Signed for The Gramercy

LAS VEGAS—Developers of the Gramercy, a landmark 500,000-square-foot mixed-use development currently under construction in the southwest Las Vegas valley, says that the project has its first major tenant.

Brad Peterson with CBRE is the exclusive leasing agent for the office buildings. 

HMS Holdings Corporation, a national provider of cost containment solutions for the healthcare industry, signed a long-term lease for approximately 65,000 square feet at 9275 W. Russell Road.  Over 250 HMS employees are expected to move into the Gramercy in early summer. 

According to Jay Krigsman, a principal of the owner and executive vice president of the Krausz Companies, Inc., leasing activity at the Gramercy is strong. “We have overwhelming interest from national tenants as well as local businesses,” said Krigsman.  “We are in active negotiations with several additional office tenants and are very close to completing deals with some exciting food and beverage and service amenity tenants for our community plaza at the Gramercy.  Our vision for the property is to create a vibrant energetic environment that will be a great place to live, work and play, giving residents a truly urban one-stop experience.” 

Benjy Garfinkle, a principal of Las Vegas-based WGH Partners and a member of the Gramercy development team, further described the experience: “The Gramercy residents will be able to go to work, enjoy fabulous dining experiences, relax in their luxury residence and hang by the pool while socializing with family, friends, and neighbors, without leaving home. For the Las Vegas resident who does not live at the project, the Gramercy will be a place to meet friends and family, shop, relax and enjoy a wonderful meal.”

In addition to class A office and retail space, the true mixed use environment of the Gramercy comes from its onsite luxury residences. Phase one of the Gramercy includes an urban village of 160 luxury residences and lofts surrounding a “central park,” complete with shaded seating areas, community fire pit, barbeques, dog park and a swimming pool with shaded cabanas. Soon to follow will be completion of a nine-story high rise with 85 luxury residences, a rooftop pool and party deck.  All residents at The Gramercy have the advantage of direct-access to underground parking.

The project was acquired in 2013 by an affiliate of California-based Krausz Companies, Inc. and includes entitlements for an additional 500,000 square feet of residential and commercial space.  The Gramercy is developed by SWLV Development LLC, a collaboration of the principals of the the Krausz Companies and WGH Partners.  Financing to complete the project was provided by Wells Fargo.