Subject: [NEXTEL-1] McCarran Center buildout nearly complete

From: Marcel <[email-masked]>
Date: Thu, 31 Oct 2002 20:15:04 -0500

http://cnniw.yellowbrix.com/pages/cnniw/Story.nsp?story_id=34015555&ID=cnniw&scategory=Business+and+Finance&

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McCarran Center buildout nearly complete

Source: Las Vegas Review - Journal

Publication date: 2002-10-30

Arrival time: 2002-10-31

By HUBBLE SMITH

REVIEW-JOURNAL

Thomas & Mack Development Group has begun construction on the
final office building in the 100-acre McCarran Center business park,
a top executive said Tuesday.

The two-story, 48,000-square-foot building sits on 3 1/2 acres
toward the back of the center with exposure to Interstate 215.

Construction cost is estimated at $2.7 million and completion is
scheduled for February.

The building is already 44 percent leased as Pardee Homes has
signed to take 21,000 square feet, said Tim Snow, president of
Thomas & Mack.

Also planned is 8,000 square feet of retail space at the entrance
to the center at Warm Springs Road and Amigo Street.

"This really marks the end to a great run," Snow said. "McCarran
Center has evolved into one of Las Vegas' premier office parks and
has the product mix and support amenities to be the dominant airport
area business park for many years to come."

Total cost of development at McCarran Center is about $100
million, he said.

Thomas & Mack started the project in 1994 with a 10-year plan to
build mostly industrial product. Actual buildout has taken seven
years and McCarran Center has turned into predominately an office
park with ancillary commercial services.

"I think it's supply and demand. That and the depth of office
space in the airport area was much greater than I ever thought,"
Snow said about the early buildout. "We discovered a lot of
companies wanted to come to Las Vegas and be close to McCarran
Airport."

He said the diversity of businesses at McCarran Center, including
a 190-room Doubletree hotel, Applebee's restaurant, three banks and
a child care center, made it very attractive to business users.

Construction on the first three buildings consisting of 62,000
square feet began in 1995. The Keith Cos. was the first tenant,
moving into the center in August 1995.

The next year, Sigma Game signed a 15-year lease for an 81,000-
square-foot, single-story building and FHP, now PacifiCare, followed
with a 60,000-square-foot build-to-suit lease.

The center now has more than 1.5 million square feet of office
and light industrial space and is home to Harrah's Entertainment,
Nevada State Bank, American Airlines, UPS Services, Southland Corp.,
Nextel Partners, Prudential and Hartford insurance companies, Wells
Fargo Bank, Avery Dennison and Aristocrat Technologies.

The signature deal came in 1999 when Harrah's moved its corporate
headquarters from Memphis, Tenn., to Las Vegas, signing a $50
million, 15-year lease for a four-story, 120,000-square-foot office
building.

With the completion of McCarran Center, Thomas & Mack is now
focusing on development of the 70-acre Blue Diamond Ranches business
park, the 100-acre Las Vegas Technology Center in the northwest and
the 400-acre Beltway Business Park in the southwest.

Publication date: 2002-10-30

© 2002, YellowBrix, Inc.

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