Welcome to “Two Summerlin” in Las Vegas, Nevada; our team’s project for the 2019 Colvin Case Study Challenge. Two Summerlin is in an emerging Central Business District (CBD) area surrounded by Downtown Summerlin and Red Rock Casino. Two Summerlin is the anchor for the Urban Core. The project was completed in August 2018 and cost $49 million. The building is a Class A LEED Silver Office Building that was recognized by NAIOP’s Southern Nevada Chapter with the 2019 Spotlight Honor Award in the Spec Office Buildings.
Two Summerlin was 80% preleased before completion and is now 98% leased. Two Summerlin’s average rent is $3.20 per square foot, and the tenants include Howard Hughes Corporation, WeWork, Avision Young, RSM US, Aristocrat Technology, JRS Hospitality, and Greenberg Traurig, LLP.
Two Summerlin is a six-story office building with 153,000 total square feet on a 3.79-acre parcel that is adjacent to the National Bank Hockey Arena, the Aviator Baseball Stadium, Red Rock Casino, and Downtown Summerlin. It is easily accessible from all areas of Las Vegas via the 215-county highway or the Summerlin Parkway.
Two Summerlin is the first standalone office development for Howard Hughes Corporation since the company split from General Growth Property. Two Summerlin is a massive success for the Howard Hughes Corporation since they were able to deliver the office building on time and budget with a higher-performing NOI.
The Howard Hughes Corporation has learned a number of lessons through the development of Two Summerlin. However, they believe this office space is a success and would not have done the project any other way. Howard Hughes Corporation was able to provide the right product at the right time while anchoring the Urban Core of the Summerlin Master Plan Community.