Major office lease completed in Las Vegas

Grubb & Ellis negotiated the Southern Nevada Water Authority's lease of approximately 129,000 square feet of to-be-constructed office space in Las Vegas.

The transaction was valued at $63.3 million.

The 20-year lease will secure space in a class A office building in Molasky Corporate Center, located at 110 City Parkway.

Grubb & Ellis/Las Vegas, in association with Burnham Real Estate, represented the landlord and developer, The Molasky Group of Cos., in the transaction.

The Molasky Group of Cos. has developed many of Las Vegas' landmark commercial and residential properties, and is continuing that tradition with the development of the Molasky Corporate Center. Phase II of the Molasky Corporate Center has earned the Leadership in Energy and Design certification as a result of its efficient water and energy systems and other cost-effective amenities.

It will be one of only 200 "green" buildings worldwide, and will be the first constructed in Las Vegas, according to a press statement. The building is expected to be available for occupancy in mid-2007. 

Grubb & Ellis Co. provides a full range of real estate services worldwide.

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