Owners of a Clark County child-protection agency’s headquarters want to sell the building for $18 million, a big premium over both its purchase price and the going rate for office properties.
Brokers with CBRE Group sent out marketing material today for the fully leased, 63,400-square-foot facility at 121 S. Martin Luther King Blvd. in Las Vegas, near the Spaghetti Bowl.
The Clark County Department of Family Services, which occupies the building, has about five and a half years left on a 10-year lease, as well as five one-year extension options, CBRE said.
County spokesman Dan Kulin did not say what, if anything, officials would do if the building is sold, but he said he “can’t imagine” the agency’s lease would be affected if the property changes hands.
The landlord, Thompson National Properties, is seeking $284 per square foot. That’s more than double the average sales price for local office buildings this year — $129 per square foot, according to Colliers International.
Based in Costa Mesa, Calif., Thompson National bought the building in July 2010 for $12.2 million from Las Vegas Sun Publisher and Editor Brian Greenspun, who owned the property through the Greenspun Corp., county records show.
According to CBRE, the property was built in 1966 and renovated in 2009.