Wednesday, October 25, 2017
NEW OFFICE TOWER RISING TO MEET GROWING DEMAND IN DOWNTOWN SUMMERLIN®
The Howard Hughes Corporation® Announces First Tenant Signing in New Class-A Building
Reflecting the growing demand for commercial and office space in Downtown Summerlin®, The Howard Hughes Corporation® (NYSE: HHC) has announced the first tenant signing for the company's newest office tower in the heart of the acclaimed community’s urban core. Joining ONE Summerlin, which is 94% leased, the new building will be the company’s second Class-A office tower in Downtown Summerlin. Similar to the other master planned communities in The Howard Hughes Corporation’s portfolio—such as The Woodlands® in Houston, Texas—Summerlin® continues to gain appeal as a vibrant live-work-play environment.
At the same time, Downtown Summerlin continues to distinguish itself as a dynamic destination, attracting a growing number of professional companies and organizations that have recently decided to make the community their home. The first tenant to have signed a lease for the new office building is the Las Vegas office of the international law firm Greenberg Traurig, LLP, which will occupy approximately 16,000 square feet on the building’s sixth floor. In addition to Greenberg Traurig, Aristocrat Technologies recently finalized a 15-year build-to-suit lease for a 180,000-square-foot campus minutes away from Downtown Summerlin that will serve as its North American headquarters.
Growing entertainment and sports offerings also define Downtown Summerlin’s continued evolution into an emerging sports hub. Earlier this month, the Las Vegas 51s announced their new baseball stadium will be located in Downtown Summerlin on approximately eight acres just south of City National Arena, the newly-opened National Hockey League practice facility for the Vegas Golden Knights.
“Demand for Class-A office space in the heart of vibrant suburban communities supports a growing trend to locate workplaces closer to where employees live, shortening commute times and improving the quality of life,” said David R. Weinreb, Chief Executive Officer of The Howard Hughes Corporation.
“Spanning more than 400 acres, with over 125 stores and restaurants attracting 1.5 million monthly visitors from all over the region, Downtown Summerlin serves as the community’s urban core. It is an unmatched amenity for area employees which, along with Summerlin’s signature parks, scenery, walking trails and golf courses, helps make the community the premier place to live and work in the region.”
“We are pleased to make this announcement and welcome Greenberg Traurig to Downtown Summerlin, where we expect the firm to thrive in its new location,” said Kevin T. Orrock, President, Summerlin. “Summerlin is an integrated master planned community with a thoughtfully executed, wide range of development. Office and commercial space in the community is rapidly increasing in value, reflective of Summerlin’s quality lifestyle that continues to draw more and more employers and residents.”
The tenants of the new tower will have their own dedicated three-story parking garage with 424 spaces. Additionally, the new tower will share 504 surface parking spaces with neighboring City National Arena. The tower, designed by Ed Vance & Associates Architects, will feature balconies on floors four through six, an outdoor courtyard on the ground level and premier finishes throughout all common areas. Construction on the building commenced in the second quarter of this year with completion anticipated by summer 2018.
The building will be located south of the City National Bank building and Lifetime Fitness. Downtown Summerlin also includes The Constellation luxury apartment residences. Plans to develop additional multifamily offerings, along with plans for more commercial development, will help to create a true multi-use urban core within the heart of the community.
Developed by The Howard Hughes Corporation®, Summerlin began to take shape in 1990 and has ranked in the country’s top 10 best-selling master planned communities for nearly two decades. Located along the western rim of the Las Vegas valley, Summerlin encompasses 22,500 acres with approximately 6,000 gross acres still remaining to accommodate future growth, including infrastructure, open space and common areas, all within the master plan. The community is currently home to more than 100,000 residents who enjoy an unparalleled list of amenities. These include more than 250 neighborhood and village parks, more than 150 completed miles of trails, 25 public and private schools, 14 houses of worship, ten golf courses, shopping centers, medical and cultural facilities, business parks and dozens of actively selling floor plans. Homes are available in a variety of styles – from single-family homes to townhomes– priced from the $200,000s to more than $2.5 million. For information on custom homesites in The Ridges please call 702.255.2500. Visit www.summerlin.com for more information.
About Downtown Summerlin®
Downtown Summerlin includes retail, entertainment, office, hotel and multi-family residential elements, all designed to create a vibrant, walkable urban core within the award-winning 22,500-acre master planned community of Summerlin®. Downtown Summerlin totals nearly 400 acres between Charleston and Sahara and features more than 125 stores and restaurants in a streetscape-shopping environment with pedestrian thoroughfares and dynamic storefronts. The first phase of development opened to the public in October 2014. 2016 marked the opening of The Constellation, a luxury multifamily development with 124 new residences, and the groundbreaking of Las Vegas’ first NHL franchise team’s practice facility, which opened this year. Located just east of the 215 Beltway, between Sahara Avenue and Charleston Boulevard, the development also includes a nine-story office building, ONE Summerlin. Additional information can be found at www.downtownsummerlin.com.
About The Howard Hughes Corporation®
The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Our properties include master planned communities, operating
properties, development opportunities and other unique assets spanning 14 states from New York to Hawai‘i. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC with major offices in New York, Columbia, MD, Dallas, Houston, Las Vegas and Honolulu. For additional information about HHC, visit www.howardhughes.com.
About Greenberg Traurig, LLP
Greenberg Traurig, LLP (GTLaw) has more than 2,000 attorneys in 38 offices in the United States, Latin America, Europe, Asia and the Middle East and is celebrating its 50th anniversary. A single entity worldwide, GTLaw has been recognized for its philanthropic giving, was named the largest firm in the U.S. by Law360 in 2017, and among the Top 20 on the 2016 Am Law Global 100. Web: www.gtlaw.com Twitter: @GT_Law.
Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize”, “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in The Howard Hughes Corporation’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.