Howard Hughes Holdings Inc. (NYSE: HHH), developer of the Summerlin® community in Las Vegas, announced today it has retained Cushman & Wakefield (NYSE: CWK) to oversee leasing for the Howard Hughes office portfolio in Summerlin, which includes locations in Downtown Summerlin®, the community’s 400-acre vibrant and walkable urban core. Cushman & Wakefield Las Vegas-based brokers, Charles Van Geel, Senior Director; and Amy Lance, Director, will lead the effort, effective immediately.
Howard Hughes’ office portfolio in Summerlin includes some of the Las Vegas Valley’s most prestigious Class-A office buildings, including 1700 Pavilion, its newest building in Downtown Summerlin that spans 265,898 square feet adjacent to the Las Vegas Ballpark®. 1700 Pavilion opened earlier this year and is 77% leased.
Other Class-A office buildings at Downtown Summerlin include One Summerlin, which is 207,307 square feet and 88% leased; and Two Summerlin, which is 147,139 square feet and 100% leased. The strong office leasing momentum being experienced at Summerlin, as well as across the Howard Hughes national portfolio, speaks to the continuing desire of employers to upgrade to best-in-class office options in the communities where employees want to live.
These three office buildings are in the heart of Downtown Summerlin, home to more than 125 national, regional, and local retailers, including 30-plus restaurants, and offering office tenants immediate access to a plethora of amenities within walking distance of the office front door. Entertainment and professional sports offerings at Downtown Summerlin include Las Vegas Ballpark, home of the Las Vegas Aviators®, and City National Arena, practice facility of the celebrated Vegas Golden Knights and 2023 Stanley Cup Champions. Dozens of year-round special events and activations have established Downtown Summerlin as the community’s primary social gathering place while also providing employees with an exceptional workplace environment.
Howard Hughes’ newest Class-A offering is the Meridian campus, located adjacent to the I-215 Beltway at Town Center Drive, just west of Aristocrat Technologies, Inc., and slated to open in January 2024. It features two, three-story professional office buildings, each offering 73,738 square feet and totaling just over 147,000 square feet with a shared central lobby. Meridian offers high visibility from the Beltway in the Southwest office submarket and is located within minutes of abundant retail and neighborhood services, with easy connectivity to the I-15 and Summerlin Parkway interchanges.
“We are pleased to launch our partnership with Cushman & Wakefield to oversee office leasing for Summerlin, which includes some of the most desirable office space in the Las Vegas Valley, one of the top locations to which people are continuing to move as they seek better opportunities outside the more expensive coastal job centers,” said Frank Stephan, President, Nevada Region for Howard Hughes. “This demand is created by exceptional building design and architecture as well as immediate access to amenities that enhance quality of the workplace for both employees and clients. Given Cushman & Wakefield’s track record of success in Southern Nevada, and in particular, the experience, industry knowledge, and connections of brokers Charles Van Geel and Amy Lance, we are confident this will be a successful partnership.”
“We are thrilled to have been selected as the leasing team for this premier assignment in the Summerlin community. Howard Hughes is a world-class developer/owner with a rich history and strong foothold in Summerlin, having introduced exceptional lifestyle opportunities and, in turn, becoming a magnet for a variety of businesses in this sought-after community—Howard Hughes is synonymous with Summerlin,” said Venessa McEvoy, Cushman & Wakefield’s Market Leader for Nevada.
“As the leasing stewards, Charles and Amy offer exceptional experience, market knowledge, and a strong leasing track record in the Las Vegas area. They are also supported by Cushman & Wakefield’s robust platform and immense resources to service these Class A assets at a top level. We look forward to our continued relationship with Howard Hughes—a firm with deep ties working with the local brokerage community—in leasing this prominent office portfolio,” added McEvoy.
Developed by Howard Hughes, Summerlin began to take shape in 1990 and has ranked among the country’s top 10 best-selling master-planned communities for more than two decades. Located along the western rim of the Las Vegas valley, Summerlin encompasses 22,500 acres with approximately 4,500 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 120,000 residents who enjoy an unparalleled list of amenities. These include more than 300 neighborhood and village parks, more than 200 completed miles of trails, 26 public and private schools, 14 houses of worship, ten golf courses, Downtown Summerlin, shopping centers, medical and cultural facilities, business parks and dozens of actively selling floor plans. Homes, developed by the nation’s leading homebuilders, are available in a variety of styles – from single-family homes to townhomes– priced from the $400,000s to more than $2.5 million. Summerlin is recognized as one of the country’s premier locations to raise a family and to operate a business. It was named MPC of the Year for 2020 by the National Home Builders Association. Visit www.summerlin.com for more information.
About Howard Hughes Holdings Inc.
Howard Hughes Holdings Inc. owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including: the Seaport in New York City; Downtown Columbia® in Maryland; The Woodlands®, Bridgeland® and The Woodlands Hills® in the Greater Houston, Texas area; Summerlin® in Las Vegas; Ward Village® in Honolulu, Hawaiʻi; and Teravalis™ in the Greater Phoenix, Arizona area. The Howard Hughes portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.
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 Howard Hughes Holding Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. 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.