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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES SALE OF COX COMMUNICATIONS BUILDING IN LAS VEGAS |
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Tuesday, September 14, 1999
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New York, NY
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Sonnenblick-Goldman Company, acting on behalf of PM Realty Advisors, arranged the sale of the Cox Communications Building located at 101 Convention Center Drive, Las Vegas, Nevada. The property was sold by a pension fund client of PM Realty Advisors to a joint venture consisting of Legacy Partners and ING Barings.
Centrally located on the southern side of Convention Center Drive, The Cox Communications Building is three miles from McCarran International Airport and within walking distance from the Strip and the Las Vegas Convention Center. The Cox Communications Building is a 12-story, reinforced concrete office building with an adjacent 5-level, 848-space parking garage. The first two levels of the parking garage offer additional office/retail space known as the Plaza. The entire complex consists of approximately 313,454 gross square feet of space (307,082 square feet are rentable). The office building is of modern design with an attractive mirrored glass facade and landscaped drive with reflecting pool and fountains. The lobby is well-appointed with mosaic marble floors, marble and wooden benches, marble accented columns and 12-foot ceilings with wooden accents. The elevator lobbies feature marble flooring, mirrored walls and 8-foot drop ceilings. Major tenants include Cox Communications, Nevada Holdings Service, Japan Travel Bureau, US Postal Service, Players Club International and Las Vegas Metropolitan Police. There are six speculation suites, which are currently available, that have been completed with a variety of office configurations and sizes to further enhance lease-up opportunities
" Legacy Partners and ING realized the opportunity to purchase a building at below replacement costs in a market that continues to be vibrant and growing. The property offers significant upside through the lease up of the vacant space, which is about 35% of the property, " said David Sonnenblick, Managing Director of Sonnenblick-Goldman Company’s Los Angeles office. " Their basis in this property will allow them to offer rents at below the rental rates of other class A properties, " he continued. |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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