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July 12, 2020
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Nevada Office Asset Trades for $321/sf


A 60.5k sf, office building in Henderson, NV has sold for $19.45 mil ($321/sf). The building is located at 2200 Paseo Verde, south of I-215 and west of Green Valley Pkwy.

The three-story, Class A office building is located at the entrance of The District at Green Valley Ranch, a 400k sf mixed-use property. The freestanding office building, built in 2004, was part of the first phase of The District which also included 50 lifestyle retail shops and restaurants, and 88 luxury loft and flat condominiums.

Located at the northwest corner of Green Valley Pkwy and Paseo Verde Pkwy, the multi-tenant building offers 24-hour access, a courtyard, a balcony, and property management onsite. The property is currently 94% leased to Berkadia Real Estate Advisors, Ticor Title, Umpqua Bank, Michaelson & Assoc LTD, and Ford & Friedman to name a few. In addition to the sale, Cushman & Wakefield also handled the leasing and property management for the building.

Charles Moore, Marlene Fujita and Hunter Bradshaw of Cushman & Wakefield represented the seller, Pacific Oak SOR II. The buyer was PREH Paseo Verde LLC.

2200 Paseo Verde Parkway was a tremendous opportunity to acquire a beautiful, jewel-box building knowing the common facilities will be maintained in a first-class condition, and tenants have myriad options for food, beverage, services and entertainment. Notably, the balance of The District is owned by Vestar, a premiere owner/developer of mixed-use properties who has added, and continues to add significant value to the overall development, said Fujita.

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