NV Energy plans move to Summerlin with $28M building purchase

NV Energy has bought an office building in Summerlin for its new corporate headquarters.

Nevada’s primary electric utility acquired a vacant building at the corner of Town Center and Covington Cross drives, just south of Summerlin Parkway, property records show.

The $28 million sale, by banking giant Capital One, closed last month.

The 14.5-acre suburban Las Vegas property is across the street from discount airline Allegiant Travel Co.’s corporate offices.

NV Energy leases its longstanding headquarters on Sahara Avenue at Jones Boulevard. The triangle-shaped complex spans about 292,000 square feet, according to landlord Ofir Hagay.

Its lease runs through January 2029, said Hagay, founder of Moonwater Capital.

NV Energy spokeswoman Meghin Delaney said the utility company purchased the building off Summerlin Parkway “in preparation” for the end of its lease on Sahara.

She said that owning its headquarters will be more cost-effective than renting, “benefiting both our employees and customers,” and that it expects to transition to the new space between late 2027 and mid-2028.

Asked how NV Energy paid for the building — including whether it uses revenue from ratepayers to fund these kinds of deals — Delaney said the utility makes purchases and investments up front, and then “all expenses are reviewed and approved by the Public Utilities Commission of Nevada before any costs are included in customer rates.”

She added that NV Energy will “bring forward this item in a future rate case” to be reviewed for approval by the commission.

Virginia-based Capital One had acquired the building in 2012, property records show. It did not respond to requests for comment on the sale, including when it moved out of the building and what operations it ran there.

NV Energy, which traces its history in Las Vegas to 1906, boasts 1.4 million electricity customers and 6,100 miles of electric transmission lines.

The utility is part of Nebraska billionaire Warren Buffett’s Berkshire Hathaway conglomerate. In 2013, a Berkshire subsidiary acquired NV Energy for $5.6 billion in cash.

All told, NV Energy generated nearly $1.6 billion of operating revenue during the first half of this year, according to a securities filing.

Last month, NV Energy said it planned to issue more than $30 million in additional refunds following the discovery of yearslong “rate misclassifications” that affected more than 42,000 multifamily housing properties.

The utility said it issued $5.4 million in refunds upon the discovery and sought to pay back an additional $32.6 million, including interest, to current and former customers retroactive to June 2017.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.