Charleston Pavilion Centre, located at 10801 West Charleston Blvd. in western Las Vegas, is a six-story, 150,000-square-foot class A office building. Charleston Pavilion, LLC, the investment group that owns the building, purchased the 7-acre site from The Howard Hughes Corporation in 2004 with the intention of having the building serve as the corporate headquarters for Business Bank of Nevada, as well as providing additional office space to be leased to other entities. At the time of the land purchase, the LLC included members and former members of the bank’s board of directors, headed by attorney Jason Awad, chairman of the board.
When City National Corp. recently signed an agreement to purchase Business Bank of Nevada (see “Transactions” article in this issue) the deal included a provision that Business Bank would divest itself of its interest in the LLC, enabling the other members of the LLC to buy back the bank’s share at a fair market value. Following the completion of the merger, City National plans to continue with its lease of 25,000 square feet of space in the building, which is intended for a bank branch, as well as Nevada bank management and administrative support services.
Charleston Pavilion Centre was 76 percent pre-leased in November, and the developers predict it will be 100 percent leased before it’s completed in June 2007. In addition to the bank, other major tenants will include: Fertitta Enterprises, Harris & Associates, Clark Seegmiller & Associates, Coffey and Rader CPAs and the law office of Dan Goodsell and Mike Olsen.
Jason Awad, the managing member of the Charleston Pavilion Centre, said the decision to build a six-story building instead of two three-story buildings was done to create a more upscale, Class A image. “This will eventually become the business center of Las Vegas,” said Awad. “It is part of Summerlin Centre, a 400-acre community being developed by The Howard Hughes Corp. that will include office buildings, condominiums and shopping. It can be considered centrally located because of its proximity to the I-215 Beltway.”
The total cost of the project has been estimated at $40 million. Howard F. Thompson & Associates designed the building, and Whiting-Turner Contracting is serving as the general contractor.
