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Vegas Office Building Trades for $67 Mil

11/24/21

San Diego-based private investment firm, Premier Realty Holdings LP, led by Marc Barmazel, acquired a 204.1k sf, Class A office building in Las Vegas for $67 mil, or $328/sf. The six-story building is located at 2716 North Tenaya Way, along US Hwy 95.

The building’s provides excellent regional access via I-215, I-15, and the I-515 Freeways. Additionally, the building is in close proximity to executive and workforce housing and a large amenity base.

The property is 100% leased to United HealthCare Services for its regional office headquarters. The tenant, one of Nevada’s largest employers, has occupied the building since it was constructed in 1998 and has recently completed significant renovations to enhance the overall property.

2716 North Tenaya houses the tenant’s administrative and operations functions for their data and health intelligence business, known as OptumHealth. The building is equipped with several onsite amenities including: its campus conference facility, state of the art auditorium, a full-service cafeteria (40k sf), multiple break rooms, a credit union and the property also includes a five-story parking structure onsite.

“This asset presented a tremendous Las Vegas investment opportunity of a Class A asset with a longstanding, credit tenant,” said Mike Bench, Vice President/Partner in Voit’s San Diego office. “Indicative of its commitment to the property, the tenant recently made significant interior, exterior and ongoing mechanical capital improvements to the property. The building is critical to the tenant’s operations, which it utilizes interchangeably as a single facility with the neighboring 2720 building it also occupies.”

The location sits prominently along US Highway 95 providing excellent regional access via I-215, I-15, and the I-515 Freeways. Additionally, the building is in close proximity to executive and workforce housing and a large amenity base.

The property has been the recipient of several awards including the Gold Nugget Merit Award – Best Professional Office Building, Food Service Facilities Design Award and Large Scale Project Built to Suit Merit Award.

Mike Bench with Voit Real Estate Services represented the buyer in the transaction. Rick Reeder, Brad Tecca, Marlene Fujita and Charles Moore of Cushman & Wakefield repped the seller.





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