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LAS VEGAS-Among Station Casinos first-day motions in bankruptcy court is one seeking approval to reject a 25,000-square-foot office lease at 10801 W. Charleston Blvd., a six-story, 150,000-square-foot office building in Summerlin. The locals’ casino operator inked a five-year lease for the space in mid-2007 but hasn’t occupied it since May 2008.

The lease runs through September 2012 and includes a five-year renewal option. The lease rate over the life of the lease ranges from approximately $70,200 per month to $76,700 per month. The lessor is Charleston Pavilion LLC, board members of the Business Bank of Nevada [now City National Bank], the owner, developer and anchor tenant.

Station says the lease commenced in October 2007 and that it used the space as a project development office for a new, unspecified “gaming enterprise” in Las Vegas. It occupied the space until May 2008 when, due to the recession, it halted the project indefinitely. It was able to sublease the property beginning in October 2008 but that tenant vacated in March 2009.

In requesting relief from the commitment, Station states in its court filing that the lease “has no operational value,” and “is not necessary to its reorganization.” As a result it is “an administrative expense with no commensurate benefit,” the company says. More importantly, it notes that Section 365(a) of the bankruptcy code allows a debtor, with court approval, to reject an unexpired lease.

Fertitta Enterprises, an entity of Frank Feritta, who controls Station Casinos, leases 9,000 square feet on the top floor of the building.

Station Casinos’ corporate headquarters is a three-level Class A office building at 1011 S. Pavilion Center Dr. in Summerlin. In 2007, Station Casinos sold the building to Cole Cos. for $70.3 million and, as part of the transaction, leased back the building for 20 years. The minimum annual lease payments for the building in 2010 will be $5.4 million, rising to $5.6 million in 2013. It has not asked to reject that lease.

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