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LAS VEGAS-The City of Las Vegas has a new tenant: the county. The city recently paid $26.5 million for a landmark office building on the west edge of the city that is leased substantially to Clark County, according to public records. Located at 333 N. Rancho Dr. and known as the Atrium, the nine-story, 138,500-sf (net rentable) office building abuts the westbound lanes of US 95. Built in 1981, it is by far the tallest building in the area.

The city acquired the building from an entity of Chicago-based GK Development, which purchased the building four years ago for $18.7 million. GK was represented in its sale to the city by Charles Moore and Christina Roush of CB Richard Ellis. Moore tells GlobeSt.com that he listed the building for sale a couple of years ago and found no takers. “We subsequently kept in touch with the city,” he says. “We knew they had an interest.”

About 92,000 sf (66%) of the building is currently leased and two thirds of that total is leased to Clark County under multiple leases that expire mostly in late 2009 and at varying times during 2011, according to the rent roll attached to the purchase and sale agreement. The property is producing gross rental revenue of $183,000 per month, according to the document.

When approving the purchase and sale agreement back in November, city officials said the plan was to use the building for “the purpose of a new Development Services Center” but did not make clear whether it would be taking over the whole building as leases expire or would only need the currently vacant space. A city spokesperson did not return a Tuesday phone message seeking comment. A source in the county’s real property management division said she had not yet spoken with its newest landlord.

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