IRVINE, Calif., (April 5, 2010) - VF Carson, LLC., a joint venture of Thompson National Properties' TNP Vulture Fund VIII and TNP/SLI Green Building Fund, recently executed four new leases at the 302 E. Carson building in Las Vegas, Nevada leading the way for additional leasing activity at the newly green-renovated asset.
Over the past few months, VF Carson has executed a lease with the Clark County Constable's Office for 12,300 rentable square feet for the entire 5th floor, Shangri-La Construction for 2,664 rentable square feet on the 3rd floor, as well as two lease expansions on the 3rd floor with ViaWest, Inc. for 3,987 rentable square feet and Corelink Data Center, LLC for 1,353 rentable square feet. Based on current executed leases, the 302 E. Carson building is approximately 40% leased.
Throughout 2009, the joint venture has been focused on completing a major green renovation to increase the energy efficiency and environmental sustainability of the 302 E. Carson building. The joint venture called on the expertise of the fund's co-partner, Shangri-La Construction, which specializes in the construction, retrofit and redevelopment of commercial real estate to achieve increased environmental sustainability and energy efficiency, to renovate the asset with the goal of obtaining a Gold certification under the U.S. Green Building Council's LEEDr (Leadership in Energy and Environmental Design) Rating SystemT.
Upon certification, the 302 E. Carson building will become the first LEED Certified retrofit in the downtown Las Vegas submarket, which will further increase future leasing activity and drive rental rates.
About the Green Renovation at the Carson Building
The 302 E. Carson building's green-oriented renovations and modifications include the installation of new energy-efficient, dual pane windows on the building's exterior, substantial upgrades to the HVAC system, extensive modernization of the elevator system, and the installation of low-flow water fixtures and energy-efficient lighting systems throughout the building. Approximately $11.5 million has been spent in the base building renovations. These renovations will increase tenant comfort and well-being and reduce and control certain operating expenses in a market that has seen increasing utility costs.
About Thompson National Properties, LLC
Thompson National Properties, LLC provides real estate investment opportunities and asset management to high net
worth domestic, foreign, individual and institutional investors. As of April 5, 2010 Thompson National Properties manages a portfolio of 134 commercial properties, in 31 states totaling more than 17.4 million square feet, on behalf of over 3,000 investor/owners with an overall cost of $2.3 billion. For more information regarding Thompson National Properties, please visit www.tnpre.com.
About Shangri-La Construction
Shangri-La Construction's goal is to create the most efficient, environmentally conscious structures possible and to open the door for sustainable development in the commercial world while maintaining fiscal responsibility. Shangri-La Construction is a sustainable design, construction management and general contracting services company that provides the construction expertise to execute green buildings and retrofits with competitive short- and long-term savings. For more information regarding Shangri-La Construction, please visit www.shangrilaconstruction.com. |
