Dornin Investment Group (“DIG”) and its representatives, Logic Commercial Real Estate and Avison Young, completed three new leases in the first quarter of 2021. Marnell Corporate Center 3 (“MCC3”) is now 100% leased. The leases consisted of 5,466 and 3,680 square feet, both with five-year terms. In addition, we completed a 6,287 square foot lease at DIG’s Summerlin office asset, which is also now 100% leased.
Marc Magliarditi of Logic Commercial Real Estate said “The dramatic increase in overall leasing activity so far in 2021 has been on a pace I haven’t seen in many years, and the amount of the activity that is comprised of new to market requirements is a substantial part of that increase. The outlook for the rest of 2021 is looking very promising for our office market.” Eric Entringer, VP of Capital Markets for DIG, stated leasing activity has significantly picked-up since the beginning of the year. There is pent-up demand for office space given companies delayed leasing decisions over the past year often doing short-term extensions. Companies are expanding, right-sizing, reconfiguring, reimagining, and redefining their workspace. In so doing, many companies will be looking to commit to new office space over the coming months. DIG believes high-quality well located suburban office properties in high growth secondary markets will perform well over the next few years as companies reimagine their office spaces. Companies are looking to create flexible working environments while creating place and developing a setting to grow and foster their company culture. Scott Donaghe of Avison Young noted “Las Vegas office users have spoken and above all things, they want quality office space in the Southwest and Summerlin with easy access and amenities nearby. Supply limitations from a recent lull in the development pipeline can be seen in the disproportionately low vacancy making it a challenge to find the perfect space. As workers return to the office, we are seeing multiple offers play out for remaining quality options mirroring homebuyer pains in the Valley. With buildings like 3755 Breakthrough Way reaching 100% occupancy, users must look to the sublease and development pipelines and act quickly.”
MCC3 is a high quality, three-story office building totaling 69,304 SF and features unique architectural designs with strategic setbacks at each corner allowing for six corner offices per floor, as well as decorative trellis accents along the roofline. MCC is also ideally located adjacent to the McCarran International Airport near I-15 and the I-215 Beltway and is proximate to the city’s most exciting amenities as well as the Las Vegas strip. In addition, MCC offers tenants a desirable campus environment with outstanding visibility, scenic city and mountain views, prominent signage opportunities and convenient access throughout Las Vegas and beyond.
Breakthrough Way is a Class A, LEED Silver certified office property located in Las Vegas, Nevada. This institutional quality, three-story office building with parking garage is approximately 100,00 SF and is strategically located in the upscale master planned community of Summerlin, adjacent to the I-215 freeway and near Summerlin Hospital, Red Rock Casino, Resort & Spa, and the Summerlin Centre Mixed-Use development.
About Dornin Investment Group
Dornin Investment Group is a real estate investment and asset management firm that invests in commercial and residential real estate in partnership with a broad base of institutional and private investors. The firm specializes in distressed, opportunistic, and value-add real estate investments in all major property types with a focus on office, flex, industrial, multifamily and hospitality properties. The company offers a full-service investment platform providing property management, leasing, construction management, and finance through its wholly owned affiliate Dornin Realty Advisors (“DRA”). For more information, visit www.dorningroup.com.