Equastone buys downtown county office tower
Las Vegas Business Press - Equastone recently purchased an 11-story, 70,000-square-foot office tower and adjoining parking garage in downtown Las Vegas for $9.3 million, or $132.85 per square foot, from Buffalo Nickel Limited Partnership.
The Class B building, located at 330 S. Third St., is currently 64 percent occupied with the Clark County court system as its major tenant.
Equastone, a San Diego-based a real estate investment firm, plans to upgrade and reposition the building by renovating the exterior as well as the entrance, lobby, corridors, elevators and other common areas.
The downtown office submarket had a 14 percent vacancy rate in the fourth quarter, or 5.4 percent higher than the valley-wide average. Median downtown office rents were $1.82 per square foot full-service in fourth quarter; or 37 cents per square foot less than the valley average. Downtown accounted for just 2.8 percent of all office absorption last year in Southern Nevada.
Equastone bought its first Las Vegas property last year — the three-story, 113,000-square-foot Park Flamingo West at 2080-2090 E. Flamingo Rd. — for $10.5 million or $92.92 per square foot. The company plans to spend an additional $50 million this year purchasing properties in Southern Nevada.