LAS VEGAS-A new six-story, 150,000-sf office building that is under construction in the Summerlin area of Northwest Las Vegas is 70% preleased several months prior to completion. The project topped out last week and will be shell complete in January. Occupancy is slated for spring 2007. The building will be named Business Bank Corporate Centre.

The developer is Charleston Pavilion LLC, which is comprised of board members of the Business Bank of Nevada, the anchor tenant. CB Richard Ellis, the brokerage with the leasing assignment, expects the project will be fully leased prior to occupancy, which is scheduled for May 2007. The largest contiguous availability is about 25,000 sf on the third floor. The asking lease rate is $2.60 per sf per month, which equates to an annualized rate of $31.20 per sf.

The bank likely will be the largest tenant with about 35,000 sf. The bank will occupy space on the ground, second and sixth floors. The bank said this week its executives will share the top floor with Fertitta Enterprises, a prominent gaming company in town that just recently signed a lease for about 9,000 sf. Other signed tenants include the Law Offices of Dan Goodsell and Mike Olsen, Harris and Associates, Clark Seegmiller and Associates, and Coffey and Rader CPA’s.

“Between CBRE and the contacts the bank has and the visibility and high-profile nature of some of the other tenants, I’d say we’re probably doing better than we had expected,” Business Bank of Nevada SVP Paul Stowell tells GlobeSt.com. “In the next 30 to 60 days, we will be announcing other high-profile companies that will be leasing space.”

The Bank’s new corporate headquarters is rising on approximately seven acres of land the Bank and the investment group, Charleston Pavilion LLC, purchased in 2004 from Howard Hughes Corp. for $5.6 million. The total cost of the Bank project is estimated at around $40 million. The Business Bank of Nevada is a 26% owner of the LLC.

Located at 10801 W. Charleston Blvd., the building will be the first class A office building located in Summerlin Centre, an urban village master-planned development that will have a good mix between commercial, residential and retail space totaling approximately three million sf. The retail center, which is expected to break ground later this year, is slated for completion in 2009.

Howard F. Thompson and Associates designed the building. Whiting Turner Contracting is the general contractor. Parking for the building will include a 279-sf two-story garage and surface parking for an additional 318 vehicles.

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