Las Vegas, NV (February 13, 2020) —Newmark Knight Frank (“NKF”) is pleased to announce it facilitated the sale of Bonneville Square, a five-story office building located in Downtown Las Vegas, for $14.9 million.
The 92,402-square-foot property is located at 411 E. Bonneville Avenue and is conveniently positioned within walking distance of more than 40 law firm offices, 16 government offices and six courthouses. The building is anchored by the Federal Public Defender’s office and was 79% leased at the time of sale.
“This was truly a win-win for both parties involved, as we achieved excellent pricing for the seller, and the buyer will benefit from an attractive basis that will allow them to aggressively compete for tenants in the growing Downtown submarket,” said Schuessler. “The property’s strategic location at the epicenter of the Las Vegas legal world allowed us to successfully execute an efficient marketing campaign, garnering multiple offers from several qualified groups.”
The Downtown Las Vegas office market is one of the fastest growing submarkets in Las Vegas with a high concentration of government agencies and law firms, according to NKF Research. With new investments from both the private and public sector over the past few years, Downtown is expected to continue to trend upward as rents remain 12% below pre-recession levels.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.