Odyssey Nabs Sin City Office Building
- Apr 05, 2017
Commercial real estate investment and advisory firm, Odyssey Real Estate Capital, has purchased one of the two identical office buildings at City Center West. The north building traded for $12.9 million and was acquired from Westlake Realty Group, according to data provider Yardi Matrix.
Located at 7251 West Lake Mead Blvd., in the Summerlin submarket, the five-story, newly acquired building encompasses 106,700 square feet of office space. Patti Dillon, Taber Thill, and Ryan Martin of Colliers International, who forecasted rapid growth in tenant occupancy, will handle leasing. Odyssey intends to implement extensive renovations, such as the complete refurbishment of the building’s mechanical and HVAC systems, the addition of turn-key units with new finishes and a modern office layout. According to Dillon, Odyssey will deliver move-in ready suites this August.
“Office rents are rising, vacancy is falling steadily and there is no new speculative office supply planned or under construction. We believe we bought this at the right time in our market cycle,” said Odyssey Real Estate Partner, Greg Johnson.
The 212,000-square-foot City Center West was completed in 1998 and reached 85 percent occupancy within the first year. Located at 7201 West Lake Mead Blvd., the other building on the campus last traded for $34 million back in 2014, when JB Matteson purchased it.
Images courtesy of Westlake Realty Group