The UnCommons project in Las Vegas will be Morgan Stanley’s future residence
The developer of a $ 400 million mixed-use project in Las Vegas landed another office tenant.
New York financial services giant Morgan Stanley plans to occupy 22,000 square feet of office space at UnCommons, according to project developer Matter Real Estate Group.
He will move there after spending more than two decades in the Hughes Center office park east of the Strip, Matter said.
Matter’s partner Jim Stuart said the first tenants are expected to move in February to UnCommons, a 40-acre complex under construction on the southeast corner of Durango Drive and 215 Beltway, near Ikea. Plans call for offices, apartments, restaurants and fitness studios.
Morgan Stanley declined to comment for this story.
Like other industries, the southern Nevada office market has faced many questions since the start of the pandemic. The public health crisis has led to widespread office closures as employers send staff home over fears of the novel coronavirus, sparking discussions about how much real estate is actually needed as people work from their kitchen tables, their sofa or home office, although at risk of isolation and distraction.
Still, Matter and other developers pushed forward with office plans in Las Vegas during the pandemic, betting companies would wean themselves off Zoom and bring their employees back under one roof.
Overall, the Las Vegas office market “held on” in the second quarter as it “set to pick up where it left off before the pandemic began,” the brokerage firm said. CBRE Group in a new report.
CBRE – which plans to occupy 20,000 square feet at UnCommons – cited rising asking rents, more construction projects underway and the “growing number of businesses” seeking space in the valley.
Matter announced plans for UnCommons in February 2019 and later in the year secured project approvals from Clark County Commissioners and a $ 150 million construction loan.
He planned to start construction in April 2020 but suspended the start of construction after the pandemic sparked massive closures and other chaos.
Matter redesigned the elements of the project with new health and safety features and inaugurated the land last August. It announced its first confirmed office tenant, CBRE, in September.