Molasky Corporate Center Las Vegas a $107 million Class A Las Vegas office building is scheduled for completion in August and is 80 percent preleased said real estate developer Irwin Molasky. Tenants include 24-Hour Fitness, Southern Nevada Water Authority, Bank of Nevada, Las Vegas Valley Water District, Jason’s Deli and Legal Copy.
The 6 1/2-story, 1,400-space parking garage is basically complete and concrete aggregate panels are going up on the 16-story Molasky Corporate Center real estate under construction at Grand Central Parkway and City Parkway, formerly F Street, in downtown Las Vegas.
Molasky Corporate Center real estate will create electricity through photovoltaic panels. Insulation for the interior walls are recycled blue jeans. Air conditioner chiller water will be recaptured and used for landscaping.
The 285,000-square-foot Las Vegas commercial real estate is made of steel and glass, which largely defines Class A office space. Glass solar panels are low “e-rated,” or energy efficient part of the “green building” methods being used by general contractor Marnell Corrao and Molasky.
Molasky is trying for LEED silver certification (Leadership in Energy and Environmental Design) of the downtown office building, although it could achieve gold status.
He said the most important way for this building to achieve points for LEED certification is through its under-the-floor air distribution. Instead of bringing in air from the ceiling at 55 degrees and having it “mingle with bad air,” it comes in from the floor at 63 degrees and is “fresher and cleaner,” Molasky said.
This downtown commercial real estate in Las Vegas, highly visible to some 400,000 vehicles a day along Interstate 15 and U.S. Highway 95, will lease at $3.25 to $3.50 a square foot. Class A office vacancy is about 4 percent.
Overall, Las Vegas office vacancy is at 11.3 percent.
Molasky Center real estate in Las Vegas represents 16.7 percent of the 1.7 million square feet under construction.
The median 12-month sales price for office space had risen 15 percent from a year ago to $216 a square foot, a result of Las Vegas’ rapidly growing economy.
Employment in office-using sectors will expand in 2006 by 6.2 percent, higher than the Las Vegas overall job growth rate, creating about 10,500 new positions.
Delivery of higher-priced office space and renter demand to the market will prompt owners to increase asking rents 5.8 percent to $23.76 a square foot of real estate on an annual basis in 2006. Source: LV Review Journal
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Molasky Corporate Center Las Vegas commercial real estate constructs a Class A “green building.”
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