The developer of a $ 400 million mixed-use project in Las Vegas has won another office tenant.
According to project developer Matter Real Estate Group, the New York financial services giant Morgan Stanley plans to move into 22,000 square meters of office space at UnCommons.
It will move there after spending more than two decades in the Hughes Center office park east of the Strip, Matter said.
Matter partner Jim Stuart said the first tenants are due to move to UnCommons in February, a 40-acre complex being built on the southeast corner of Durango Drive and 215 Beltway near Ikea. Office space, apartments, restaurants and fitness studios are planned.
Morgan Stanley declined to comment on this story.
Like other industries, the office market in southern Nevada has faced many questions since the pandemic broke out. The public health crisis resulted in widespread office closures as employers sent their employees home for fear of the new coronavirus, which sparked discussions about how much real estate would really be needed if people were off their kitchen table, couch or Working from their home office, although at risk of prolonged use, there was isolation and distraction.
Nevertheless, Matter and other developers pushed office projects in Las Vegas during the pandemic and insisted that companies wean themselves off Zoom and get their employees back on track.
Overall, the Las Vegas office market “persisted” in the second quarter as it “picked up where it left off before the pandemic broke,” brokerage firm CBRE Group said in a new report.
CBRE – which plans to occupy 20,000 square feet at UnCommons – cited increased asking rents, more construction projects in the pipeline, and the “growing number of businesses” looking for space in the valley.
Matter announced plans for UnCommons in February 2019 and received project approvals from Clark County Commissioners and a $ 150 million home loan during the year.
It was planned to break the ground in April 2020, but to put the start of construction on hold after the pandemic triggered widespread shutdowns and other chaos.
Matter redesigned elements of the project with new health and safety features and broke ground last August. In September the company announced its first confirmed office tenant, CBRE.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
