X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAS VEGAS-Clark County Commissioners next week are expected to sign off on a 103,000-sf office lease in the Greystone office complex. The space would be occupied by the County District Attorney Family Support Division and District Courts.

The complex, comprised of twin mid-rise buildings at 1850 and 1900 E. Flamingo, is owned by the Truck Underwriters Association. The Los Angeles-based association paid approximately $30 million for the property in 2004.

The county’s 10-year, full-service lease agreement for the lowest portions of both buildings calls for initial monthly payments 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-year increments.

The total lease consideration is approximately $37 million, not including $7 million the county will spend outfitting the space. Approximately two-thirds of all expenses will be reimbursed by the state of Nevada, according to the county. The state also will sublease from the county approximately 12,000 sf.

The County District Attorney Family Support Division and District Courts is currently located in a Count-owned building at 301 Clark Ave. The lease can be extended first by five years and then twice by three years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.