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Hughes Center cements its reputation as "Nevada's business district," home to top law firms in Las Vegas

LAS VEGAS – The Hughes Center business park in Las Vegas has long been home to some of Nevada’s leading law firms, along with other prominent businesses. But that’s never been more true than today, according to Bob Boykin, managing director for leasing in Las Vegas and Houston for Hughes Center owner Crescent Real Estate Holdings LLC. Boykin said Hughes Center recently cemented its reputation as the local headquarters for top law firms when several successful firms founded in other states chose to locate or expand their Las Vegas offices there. “I don’t know of another center in the state that has so many of the top law firms all in one place,” he said. “Big law firms like Fox Rothschild and Howard & Howard have recently expanded their offices here at Hughes Center. And we just welcomed the law firms of Armstrong Teasdale, based in St. Louis, and Ogletree Deakins, which is based in South Carolina and is one of the nation’s largest labor and employment law firms.” Hughes Center, billed as “Nevada’s business district” and located near Paradise and Flamingo Roads just east of the Las Vegas Strip, features the largest and leading array of Class A office buildings and related amenities in Nevada. Completed in 1986, Hughes Center includes 10 office buildings totaling nearly 1.4 million square feet of Class A office space. The center also houses seven upscale restaurants, a Residence Inn by Marriott hotel, locations of Starbucks Coffee and FedEx/Kinko’s, and the Park Towers luxury high-rise condominium development. In addition to its office buildings, common areas, restaurants and amenities, Boykin said law firms and other prominent businesses are attracted to Hughes Center for its location near the Strip, with easy access to McCarran International Airport and other employment centers. “We also find that our customers enjoy and benefit from doing business around so many other successful companies concentrated all in one place,” he added. To attract and retain such high-profile customers, Boykin said Crescent is investing millions in remodeling and upgrading many areas of Hughes Center. For instance, he cited continued improvements to the building at 3800 Howard Hughes Parkway, which is the largest building in Hughes Center and is commonly called the Wells Fargo Tower in recognition of the bank that occupies much of the tower. He said Crescent’s improvements to that building include renovations to the first-floor lobby, elevators, corridors and restrooms, to name just a few. The latest law firms to locate or expand their Las Vegas offices in Hughes Center include: Armstrong Teasdale, LLP <ul> <li>The firm’s address Hughes Center: 3770 Howard Hughes Parkway, Suite 200 </li> <li>Square footage the firm occupies at Hughes Center: 8,399 </li> <li>When the firm moved into Hughes Center: October 2010 </li> </ul> Ogletree, Deakins, Nash, Smoak & Stewart, P.C. <ul> <li>The firm’s address Hughes Center: 3800 Howard Hughes Parkway, Suite 1500 </li> <li>Square footage the firm occupies at Hughes Center: 7,725 </li> <li>When the firm moved into Hughes Center. October 2010 </li> </ul> Howard & Howard, PLLC <ul> <li>The firm’s address Hughes Center: 3800 Howard Hughes Parkway, Suite 1400 </li> <li>Square footage the firm occupies at Hughes Center: 6,584 </li> <li>When the firm moved into Hughes Center: July 2007 </li> </ul> Fox Rothschild, LLP <ul> <li>The firm’s address Hughes Center: 3800 Howard Hughes Parkway, Suite 500 </li> <li>Square footage the firm occupies at Hughes Center: 12,081 </li> <li>When the firm moved into Hughes Center: December 2006</li> </ul>

Report from CALV and RCG points to more trying times for local commercial real estate market, though some signs of improvement as 2011 approaches

LAS VEGAS – Local commercial real estate statistics released today by Restrepo Consulting Group and the Commercial Alliance Las Vegas (CALV) show some signs of improvement but suggest most aspects of the industry in Southern Nevada may take at least two years to stabilize. Local economist John Restrepo, principal of the Restrepo Consulting Group LLC, released the quarterly market report in conjunction with CALV and based on commercial real estate data collected through Sept. 30. He said the struggling local economy continues to create challenges for the commercial real estate market. “While we are seeing a drop in the rate of decline in jobs, and while housing prices are stabilizing, this does equate to recovery,” Restrepo said. “That said, many commercial tenants continue to struggle paying their rents, while landlords struggle with increased rent relief demands by tenants. This continues to impact project pro formas. Also, banks are more involved than ever in approving deals.” Mike Hillis, a CALV board member and managing partner of Commerce Real Estate Solutions in Las Vegas, said the increasing number of transactions is a bright spot. “While vacancy in all sectors as well as lease rates have not improved in 2010 over 2009, leasing activity is up 25 to 30 percent,” Hillis said. “We are seeing landlords and tenants alike realizing that the current economic conditions are going to be with us for the foreseeable future and thus are making decisions and commitments. We believe that once the tax situation, as well as the newly proposed accounting rules for leases, are clearly defined, transaction activity in both property sales and leasing will improve.” Highlights of the report from CALV and RCG include: State of the Industrial Market The Las Vegas Valley’s industrial market ended the third quarter with nearly 107.2 million square feet of space, about the same amount it had at the end of the second quarter of this year, Restrepo said. RCG and CALV also reported that there was about 17.5 million vacant square feet of industrial space at the end of the third quarter. This represented a vacancy rate of 16.3 percent, compared to 16.2 percent at the end of second quarter. According to CALV and RCG, absorption was a positive 107,000 square feet, following nine quarters of negative absorption. There were also 276,000 square feet of completions recorded. Restrepo attributed this primarily to increased leasing activity in North Las Vegas, including 215,000 square feet leased by Amonix in the Golden Triangle Industrial Park and another 214,000 square feet leased by Czarnowski Display Service in the ProLogis Park. “The industrial market remains wobbly as we head toward the end of 2010,” Restrepo said. “Even with positive absorption this quarter, the industrial market continues to bump along the bottom. We still believe a real recovery won’t be seen until late 2011 or early 2012 at the earliest. The main missing ingredient remains jobs.” State of the Spec Office Market The local spec office market ended the third quarter with roughly 42.7 million square feet of space, about the same as it had at the end of second quarter, Restrepo said. RCG and CALV reported about 9.7 million square feet of vacant space in the local office market at the end of the third quarter. This represented a direct vacancy rate of 22.7 percent, slightly below the 22.8 percent recorded at the end of second quarter. “The office vacancy rate is probably closer to 30 percent when available sublease space is included,” Restrepo said. “The spec office market will likely remain weak for several years.” He added that absorption was a positive 11,400 square feet in third quarter – “not much, but at least better than the six-figure negative rate we have typically seen each quarter. We don’t expect the market to stabilize for at least two years. We continue to forecast that the valley’s office market will be the last recover, because of the massive amount of overbuilding during the bubble. Additionally, we don’t anticipate a hiring binge any time soon.” Hillis said well-located and well-managed office projects are seeing activity, even though many tenants are struggling to pay their rent and others are looking for lower rents elsewhere. This pressures owners, especially those who own “B and C projects in B and C locations,” he added. State of the Anchored Retail Market The valley’s anchored retail market ended the third quarter with about 43.7 million square feet, about the same as the previous quarter, according to CALV and RCG. RCG and CALV reported that there were approximately 4.9 million vacant square feet in the retail market at the end of the third quarter. This represented a vacancy rate of 11.2 percent, 4 percent higher than recorded in second quarter. The retail market experienced a negative 183,000 square feet of net absorption during third quarter, a significant improvement over the second quarter’s negative 361,000 square feet. Hillis and Restrepo said the local anchored retail market is faring better than other sectors of the commercial real estate markets, as measured by its vacancy rate. Still, they said this market remains challenged by the area’s high unemployment rate, restrained consumer confidence and reduced spending. Restrepo cited at least three anchored retail centers that are either planned to begin construction in the next 12 months, or have been put on hold. They include a Target-anchored center at Decatur Boulevard and the I-215 Beltway, Decatur Marketplace and Green Valley Crossing.

New cell site helps Southern Nevada residents and visitors make more calls and connect to text, e-mail, the Web and mor

LAS VEGAS – Wireless calling, text messaging and surfing the Web on the Verizon Wireless high-speed 3G network is now easier and faster for residents and travelers in Clark County, thanks to a new cell site near Cal-Nev-Ari. The site expands 3G wireless coverage along Highway 95 south from Cal-Nev-Ari toward the California border and east along Highway 163 into Laughlin. The company’s ongoing network investment in Nevada now totals more than $550 million. Since the company was formed, Verizon Wireless has invested more than $60 billion – $5.7 billion on average every year – to increase the coverage and capacity of its premier nationwide network and to add new services. In 2009 alone, Verizon Wireless invested $7 billion to expand and advance its network. Later this year, Verizon Wireless plans to launch its 4G Long Term Evolution (LTE) wireless services in 25 to 30 markets nationally. LTE will offer customers who live, work or travel in these markets significantly greater speed and capabilities than even today’s most advanced 3G coverage. For more information, visit <a href="http://www.verizonwireless.com">www.verizonwireless.com</a>. MEDIA CONTACT: Jenny Weaver, 480-763-6321 Jenny.Weaver@verizonwireless.com

Panorama Tower North helps buyers seize opportunity to buy in Las Vegas

LAS VEGAS – At a time when it now makes financial sense to own rather than rent one of its high-rise condominiums overlooking the Las Vegas Strip, Panorama Tower North announced a financing program for its buyers. Marc Ehrlich, president of Panorama North Marketing, LLC, said the company’s biggest challenge since completion of the luxury high-rise tower has been finding suitable financing for buyers eager to capitalize on bargain prices for high-end homes in Las Vegas. In response, he said Panorama Tower North buyers can now choose from three different loan products: a 30-year fixed rate, a 15-year fixed rate, and a five-year adjustable rate mortgage. Financing is provided by CalCon Mutual Mortgage Corporation, which has loan programs for primary residences, second homes, foreign buyers and real estate investors. As of today, Ehrlich said CalCon is offering rates for primary and secondary homeowners starting at less than 5.1 percent. He said CalCon created its financing program to help more buyers take advantage of what Ehrlich – a certified public accountant by trade with years of experience developing and managing high-end real estate projects – called “a historic buying opportunity.” “For the first time in the history of high-rises in Las Vegas, it now makes financial sense to own versus rent,” Ehrlich said. “Reduced prices, combined with historically low interest rates, have created ideal conditions for buyers. This is especially attractive for foreign buyers and people who want to buy second homes here.” CalCon President Joshua Erskine said CalCon lends to projects nationwide. “This is one of the top residential buildings in Las Vegas and elsewhere, with views and location second to none,” Erskine said. “I think buyers will find that our program and fee structure are very favorable.” Contact: George McCabe, B&P (702) 967-2222