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LAS VEGAS-An 11-story office, 152,000-square-foot Downtown office property here that changed hands three months ago is slated for a LEED-certified renovation by funds sponsored by Thompson National Properties. TNP Vulture Fund VIII acquired the property and an adjacent four-story parking garage in October for $21.5 million. The seller was Barden Entertainment Corp., owner of Fitzgerald’s Casino, which paid approximately $13 million for the property in 2006, according to county records.

The building and parking garage are front Carson Avenue between 3rd and 4th streets, one block from the Fremont Street Experience. The building’s occupancy rate was not available. A TNP spokesperson did not immediately return a phone call seeking the information.

At the time of its acquisition, Thompson National said its intention was to identify a joint venture partner with LEED construction experience to renovate the vintage 1965 building. On Wednesday TNP said a 45% interest in the 1965 building had been sold to TNP/SLI Green Building Fund, a fund that involves Shangri-La Construction.

Shangri-La is a Duarte, CA-based “green” commercial builder that last month announced LEED-Platinum certification for 60,000-square-foot private aviation hangar in Burbank, CA, that generates 110% of its power needs from a rooftop solar array. Shangri-La also has been in discussions with Maguire Properties executives about building a similar green hangar at Van Nuys Airport on some of Maguire Aviation’s space there. The company also performs its services on hospitality, low-income housing and government and educational facilities.

TNP chairman and CEO Anthony “Tony” Thompson describes the property as a “functionally obsolete, energy-wasting building” with a “superior location” and “great floor plates.” He expects the property to become the first LEED Certified retrofit in the downtown Las Vegas submarket, thereby increasing occupancy and driving rental rates.

The building is slated for completion mid-year 2009. The work will include structural and cosmetic changes, renovations and upgrades including a wide array of energy efficiency and water reduction measures and a modernization of the existing lighting and heating, ventilating and air conditioning system.

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