Premier Class A Office THE PLAZAS Summerlin,

1635 & 1645 VILLAGE CENTER CIRCLE THE PLAZAS 1635 & 1645 Village Center Circle The Plazas at Summerlin Plazas at The EXECUTIVE SUMMARY

CBRE, Inc., as exclusive advisor, is pleased to present the opportunity to acquire fee simple interest in The Plazas, located at 1635 & 1645 Village Center Circle (the “Property”, “Buildings”). The Offering includes two Class A office buildings within the Summerlin Master-Planned Community, one of the foremost master-planned communities in America and the preferred office submarket in , NV.

2 The Property is located less than one block from Summerlin Parkway, the major thoroughfare connecting Summerlin to US-95 and I-215 and along Town Center Drive.

Las Vegas Strip

Fashion Village Suncoast Hotel at Boca Park and Casino Badlands Golf Club Angel Park Golf Club

Summerlin Hospital Summerlin Library Town Center Drive and Performing Arts Center Trailwoods Trails Village Retail Center Summerlin Retail Center Parkway

PROPERT Y SUMMARY THE PLAZAS

1635 & 1645 Village Center Circle ADDRESS Las Vegas, Nevada

TOTAL SIZE 88,094 SF

EXECUTIVE SUMMARY STORIES One 3-story and one 2-story building The Plazas offer +/- 88,094 square feet of Class The Property is part of Summerlin, Nevada, a A office product in the preferred location of premier master-planned community 12 miles west PARKING 355 spaces (4.9/1,000) USF Summerlin with a high-quality and diversified of the . Summerlin is home to some SITE AREA 5.36 Acres tenant base. There are 23 tenant suites with an of the largest and fastest growing companies. In average tenant size of +/-3,830 square feet which addition, the most desirable and affluent residential YEAR BUILT 1994-1995 presents a durable income stream and downside neighborhoods surround the The Plazas including protection. Tournament Hills, Eagle Hills, Canyons Fairways, PURCHASE PRICE $21,000,000 :: $238/SF Peccole Ranch and Queensridge. The Plazas provide The Buildings have the ability to accommodate small tenants with exceptional access to a highly-educated IN-PLACE OCCUPANCY 82.6% and large tenants alike, offering each suite beautiful labor pool and excellent amenities, in one of the window lines and ample natural light. foremost master-planned communities in America. IN-PLACE NOI $1,382,040

STABILIZED NOI $1,805,982 (92.5% OCC)

3 SURROUNDING AMENITIES TPC Golf Course TPC Golf Course Summerlin Public Library Summerlin Nevada Ballet Theater Public Library Albertsons CVS Nevada US Bank Ballet Theater Chase Bank Trails Village Wells Fargo Retail Center Fin Sushi Einstein Brothers Starbucks Nekter Juice Bar Samurai Sam’s Trailwoods The Griddle Retail Center 24 Hour Fitness US Post Office

The Buildings have attracted some of the top users in the market SECURITY WITH UPSIDE from diverse industries who appreciate the Buildings’ quality, above The Plazas are leased to a diverse tenant roster that includes representation from the engineering, legal, financial and professional market parking, and executive location which provides immediate service industries. The Property offers a combination of long term in-place leases with upside in the ability to renew tenants with below market in- access to Summerlin Parkway (1/2 mile South) as well as a wealth of place rents and near-term rollover at improving market rates. neighboring amenities and complimentary businesses. TROPHY QUALITY DESIGN The Plazas represent two of Summerlin’s finest Class A office buildings located in the valley’s strongest submarket. The Buildings are distinguished by exceptional building design and quality, meticulously MAJOR TENANTS maintained and landscaped outdoor plaza, and immediate access to Summerlin Parkway. TENANT NAME SQUARE FEET

Akerman LLP 15,055 THE PROPERTY FEATURES: Morgan Stanley 10,785 • Steel frame construction

Oshins & Associates Law 6,823 • Timeless architecture beautifully designed with colored pre-cast panels and decorative recesses Wright Engineering 5,550 • Above standard parking ratio of 4.9/1,000 usable SF E.Y.E. Network 4,588 • Abundant surface parking with executive car-ports Brooks Hubley LLP 4,465 • Extensively landscaped outdoor areas with grassy and Core Management 4,425 drought-tolerant trees and shrubs

Standish Law Group 4,384 • Recently renovated modern lobbies and common areas

St. Jude’s- ALSAC 2,628 • Minimum 9’ finished ceilings

Gemini Investment Holdings 2,185 • Buildings have fiber optic conduits, state-of-the-art power and communication capacity Severin 2,003

4 As of the 1st quarter 2017, the West submarket vacancy rate was 11.4%, the lowest in the Las Vegas MSA.

SUBSTANTIAL UPSIDE THROUGH A CONTINUED MARKET RECOVERY

The Property provides significant upside through additional lease- up, structured rent increases and forecasted market rent growth in WEST LAS VEGAS HISTORICAL PERFORMANCE the tightening West Las Vegas Market. ACROSS ALL CLASSES

YEAR VACANCY RATE AVG. ASKING RATE NET ABSORPTION • West Las Vegas is the strongest submarket in Las Vegas and the preferred location for Fortune 500 companies and the largest 2012 22.2% $1.95 271,521 office users in the region. 2013 16.9% $1.86 308,656 Vegas Las Summerlin

2014 13.9% $1.91 286,715 • West Las Vegas is the largest submarket with 6.5 million square feet, making up 18% of the total Las Vegas office market. 2015 12.3% $2.07 368,119 2016 13.2% $2.17 107,105 • The West submarket has experienced six consecutive years of 1Q 2017 11.4% $2.19 118,391 positive absorption; accounting for 30% of the overall Las Vegas TOTAL 1,460,507 market net absorption over the same period. SF absorbed since 2012

• As of the first quarter 2017, the West submarket vacancy THE PLAZAS rate was 11.4%, the lowest in Las Vegas. The submarket has historically realized a 10% rent premium as compared to the overall Las Vegas office market.

5 VIBRANT SUMMERLIN MASTER-PLANNED COMMUNITY

Boasting a population over 100,000, Summerlin has been a focal point of Summerlin was named one of growth in Las Vegas, one of the fastest-growing metro areas in the country. This development makes it possible for companies and residents to enjoy a spacious, the “Best Places to Live in America” community-oriented lifestyle with conveniences available only in the density of and is now home to the new Vegas urbanization. The expanding housing developments in Summerlin will support over 200,000 residents when completed. Developed by the Howard Hughes Golden Knights NHL practice facility. Corporation, Summerlin is highlighted by its picturesque and elegantly designed network of premium housing, first-class schools, shopping, entertainment, dining, golf courses, resorts, and business parks.

SUMMERLIN BY THE NUMBERS The Summerlin average household 200,000+ Projected population at completion income of $139,061 has grown 20% +100,000 Current number of residents 80,000 Projected number of homes at build-out since 2010 and is 2.7 times higher 40,000 Current number of homes 40,000 Number of planned & under construction homes than the U.S. average. 22,500 Total acreage of the community 22,000 People who work in Summerlin 6,750 Acres of designated community open space (parks, trails, golf courses) 150+ Existing miles of trails 150 Neighborhood parks 100 Restaurants 36 Square miles covered by the community 31 Total number of villages upon completion 26 Public and private schools 19 Office parks 16 Tennis courts 15 Custom home neighborhoods 15 Baseball fields 15 Retail centers 14 Houses of worship 9 Golf courses 6 Medical facilities 5.4 Million square feet of commercial space 5 Senior living facilities 4 Institutions of higher education 3 Resorts 3 Community public/private pools 1 NHL practice facility

Source: Howard Hughes Corporation 6 Downtown Summerlin Las Vegas is one of the fastest growing cities in the U.S. according to Forbes

LAS VEGAS EMPLOYMENT GROWTH

YEAR % CHANGE 2013 3.0%

2014 4.1%

2015 3.7%

2016 3.2%

*Moody’s Analytics

LAS VEGAS ECONOMIC DIVERSIFICATION

While the Las Vegas economy is still largely driven by gaming and tourism, over the last decade, the City has grown into a widely diversified economy, having seen significant growth in the technology, healthcare, defense, and manufacturing sectors. The recent migration of fast growing companies like Zappos and Switch have fueled an emerging tech sector, paving the way for innovative companies like SolarCity and BrightSource who are revolutionizing the clean energy market.

• Las Vegas is the third fastest growing city in the U.S. with 43.6% population growth since 2000. • In 2016, Las Vegas welcomed over 42.9 million visitors, a 10% increase since 2004. • Las Vegas total employment has increased over 17% since 2013, creating over 130,000 new jobs. • Las Vegas benefits from having no state income tax. • Las Vegas is soon to be “home” to the NFL’s Raiders Team.

“Robust population growth and an influx of visitors will drive strong consumer service demand, while business investment will support hiring and improve industrial diversity. Longer term, Las Vegas’s unmatched tourism assets and appeal as a place to live will ensure its continued growth.”

-ECONOMY.COM 7 REGIONAL MAP

INVESTMENT CONTACTS

CHARLES MOORE +1 702 369 4820 Lic. 36559 [email protected]

MARLENE FUJITA +1 702 369 4862 Lic. 54013 [email protected]

CBRE Capital Markets Western Region

LEASING CONTACTS

RANDY BROADHEAD +1 702 369 4867 [email protected]

DARREN LEMMON +1 702 369 4802 [email protected]

BRAD PETERSON +1 702 369 4809 [email protected]

DEBT & STRUCTURED FINANCE

BOB YBARRA +1 702 369 4859 Lic. 0015636 [email protected]

VAL ACHTEMEIER +1 213 613 3109 Lic. 08168169 [email protected]

3993 Howard Hughes Parkway, Suite 700 © 2017 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has Las Vegas, NV 89169 not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the Broker Lic. 00409987 T +1 702 369 4949 property and verify all information. Any reliance on this information is solely at your own risk. cbre.com/lasvegas