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Developer of $400M Las Vegas complex lands new tenant

Updated April 20, 2022 - 10:11 pm

The developer of a $400 million mixed-use project in Las Vegas has 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.

It will move there after spending more than two decades in the Hughes Center office park east of the Strip, Matter said.

Matter partner Jim Stuart said the first tenants are slated to move in February to UnCommons, a 40-acre complex being built at the southeast corner of Durango Drive and the 215 Beltway, near Ikea. Plans call for office space, apartments, eateries and fitness studios.

Morgan Stanley declined to comment for this story.

Like other industries, Southern Nevada’s office market has faced plenty of questions since the pandemic hit. The public health crisis led to widespread office closures as employers sent staff home over fears of the new coronavirus, sparking discussions over how much real estate was really needed as people worked from their kitchen table, couch or home office, albeit at risk of prolonged isolation and distraction.

Still, Matter and other developers have been pushing ahead with office projects in Las Vegas during the pandemic, gambling that firms will wean themselves off Zoom and bring their people back under one roof.

Overall, Las Vegas’ office market “persevered” in the second quarter as it “inched towards picking up where it left off prior to the onset of the pandemic,” brokerage CBRE Group said in a new report.

CBRE — which plans to occupy 20,000 square feet at UnCommons — cited increased asking rents, more construction projects in the pipeline and the “growing number of companies” scouting for space in the valley.

Matter announced plans for UnCommons in February 2019 and, later that year, obtained project approvals from Clark County commissioners and a $150 million construction loan.

It planned to break ground in April 2020 but shelved the start of construction after the pandemic sparked sweeping shutdowns and other chaos.

Matter redesigned elements of the project with new health and safety features and broke ground last August. It announced its first confirmed office tenant, CBRE, in September.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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