The Molasky Group of Companies Development News

Casa Grande Opens Molasky Group Helps Enter New Era of Correctional Rehabilitation

Irwin Molasky escorts Governor Kenny Guinn on a tour of the largest correctional re-entry center in the country.

he opening of a correctional rich," said Sheriff Young. "A place GED training, conflict resolution, vic- facility isn't usually a cause like Casa Grande is absolutely neces- tim empathy, financial management, Tto celebrate, but on January sary if these guys are going to have a work readiness, health awareness and 25, 2006, the Casa Grande re-entry life other than that of crime." parenting. center drew a distinguished crowd in- Casa Grande will house up to 400 The goal is to reintroduce offend- cluding the Nevada Governor Kenny offenders finishing their sentences for Guinn, U.S. Representative Shelley non-violent, non-sexual crimes. They Berkley and Sheriff Bill Young. will spend their final three months be- "Casa Grande is absolutely Casa Grande was developed for fore being paroled working, learning necessary if these guys are inmates at the end or their sentences new job skills, advancing their educa- going to have a life other than to have a place where they can start tion, reuniting with their families, and life anew and cut the high rate of learning to avoid the temptations that that of crime." recidivism that not only plagues Ne- sent them to prison in the first place. —Sheriff Bill Young vada's prison system, but those across It is not country club living. Of- the country. fenders are housed in secure, dormi- "If I had a nickel for every time tory-style rooms. There are facilities ers into society with a fighting chance I arrested a suspect who said, 'Man, for dining, visiting, counseling and to stay there and not go back to pris- I just got out of prison,' I would be group rooms for classes like basic on. It's a goal that makes sense on (continued on page 2)

The Molasky Group of Companies 702.735.0155 3111 S. Maryland Parkway Fax: 702.737.7025 , Nevada 89109 www.molaskyco.com SPRING 2006 Members of the Molasky Group of Companies and family are joined by state and local politicians and members of the NDOC at the ceremonial opening of Casa Grande.

—continued from page 1 the need to build more prisons." many levels, said Nevada Governor "Personally, I am very proud Kenny Guinn. of the project," says Richard S. "The concept behind Casa Worthington, president of the Grande is simple: program those Molasky Group of Companies. who have gone astray to be better "However, almost as important and able to provide for themselves and moving to me is the hard-working their families by providing the op- spirit which everyone had on this portunity to use the skills they have project—the 'can-do' attitude that learned to obtain good paying jobs. prevailed from the Nevada Dept. By doing so, the state will be able to of Corrections, to the Attorney keep costs in check by holding down General's office, the Treasurer's

Inmate Stephen Basden got a standing ovation when he told the audience how important Casa Grande is for guys tran- sitioning from prison life to real life.

office, the general contractor Korte Co., and Clark County's political leadership, which would typically run for the hills on a project like this. In our business it's rare that everyone would be working so hard, selflessly and cooperatively towards one goal," said Worthington. The hoped-for result will be a win for the offenders, who have a chance to start again; for the community, which will be safer with productive workers replacing petty criminals; and for the state, which will reduce recidivism costs on one end and col- Family friend and congresswoman Shelley Berkley congratulates real estate developer lect taxes from the new workers on for stepping up to the plate and making a difference in Las Vegas. the other. # re

Executive Team Brings MBA Discipline to Family-Owned Business

or more than half a century, "I had a couple of agendas when losophy starts with a focus on "actual the Molasky family has run I came here," said Worthington, who equity" where company holdings are Fone of the most successful has been associated with the compa- turned over more quickly and profits land-planning and real estate devel- ny since 1988. "One was to continue are reinvested in new projects. opment companies in Las Vegas. Led to flourish as a real estate company, "The family tended to hold on to by Irwin Molasky, its real estate for the long- pioneering ventures are term," Worthington legendary—from build- says. "That mind-set ing , doesn't reflect the way the town's first fully en- financial performance closed shopping center, of assets are evaluated to igniting the high-rise today. So the company phenomenon with Park evolved from that." Towers. For example, the Mo- And furthering the lasky Group of Compa- mystique, the company's nies sold 1,700 units of quality and commitment apartments, retail cen- to the community re- ters and older compo- main unsurpassed. nents of its portfolio and Why change the for- started reinvesting the mula? Because the Mo- funds in projects such as lasky Group of Compa- condo conversions and nies' success has been its into some new market ability to keep up with niches such as govern- the times. In 21st centu- ment works—starting ry Las Vegas, that means with the Internal Rev- MBA-style discipline, enue Service building progressive diversifica- and continuing with the tion and other new ways Social Security Admin- of thinking about real istration and Nevada estate development in Department of Correc- this booming but ever- tions—as well as some changing market. "one-off projects" like More specifically it private jet hangars at means that more trust McCarran airport. is handed over to top "As a result of ranking company offi- our refined focus cials whose last name is on opportunistic not Molasky. The stra- strategies," Sher says, tegic "Executive Team" "our investment for the Molasky Group objectives have been re- is comprised of Richard S. Worthing- and the second was to help transition evaluated allowing the company to ton (President), Suzanne Sanders (VP the company from entrepreneurial pursue a broader range and greater Design and Development), and Brad- founder and sole proprietor to the scope of projects. This has helped ley Sher (VP Finance). next generation." increase the volume of our business It's Worthington who is charged The Executive Team has brought quite a bit. We're more efficient and with transforming the family-run a different brand of fiscal discipline this office is now a more professional business into a cutting edge opportu- and professional management into development company." nistic development corporation. the organization. The change of phi- That doesn't mean the handshake up to a dynamic portfolio of com- mercial, residential and mixed-use properties that has a great influence not only in Las Vegas, but Southern California as well. Meanwhile, the land develop- ment pioneer himself—Irwin Mo- lasky, continues as chairman of the board. "Irwin is active in everything," says Worthington. "He thrives on that, he loves what he does and he fosters that in his employees, espe- cially me. He inspires us all." Preserving Molasky's legacy is another key component in Worthing- ton's ever increasing role as leader of intimacy the Molaskys have honed through expansions and contractions. the Molasky Group of Companies. for years is being run out by MBAs So we like to stay lean and mean. He breaks it down into two missions: wielding sharp pencils. One part of That makes it easy to communicate. 1. Continue the tradition of creating the Molasky mission statement seeks You're not just a cog in the wheel a lot of great projects throughout the to foster win-win relationships with around here; you're involved." Las Vegas landscape and 2. Preserve our employees, business partners, That involvement very much in- the legacy of a pioneering company and the community. According to cludes the family, including the four that will thrive longer after the com- Sher, "Finding a core group of em- pany founder is gone. ployees that share the integrity, pas- That legacy seems to grow by the sion and social responsibility that Ir- "You're not just a cog in the month, not just in terms of landing win Molasky has lived his life by was wheel around here; you're major projects but the quality of each important for the Molasky Group to of them—thanks to one aspect that grow as an organization." involved." will never change. From blueprints An important consideration is to bricks and mortar, the Molasky creating good experiences for our —Rich Worthington, Molasky Group of Companies looks to sus- employees whereby they can grow Group of Companies tain its uncompromising tradition of professionally while creating a bal- excellence with a team of topflight ance between work and life. As personnel, award winning designers Sanders notes, "As a lean organiza- Molasky children—Steven, Andrew, and skilled craftsmen. tion we have to sometimes work long Alan and Beth—who are all partners The centerpiece of the "next hours, but everyone within the orga- in the company, each having earned a generation" philosophy will be the nization is committed to achieving distinguished reputation for strategic , and this our defined goals." land planning and progressive real landmark in the making will fea- The Molasky Group of Com- estate development. And each has ture all the things the company does panies, in fact, strives to stay "lean his or her own expertise, which adds well, from innovative architecture and mean," Worthington to community-minded says, with 15 employees growth. The center is be- in the main office and ing built downtown and 100 property managers will open by mid 2007. elsewhere—small num- This government-certi- bers for a corporation of fied Leadership in Energy its size. and Environmental De- "We want to be able sign (GREEN) Class A to go through cycles of office building is one of real estate without resiz- only 200 nationwide and ing the organization," the largest in he says. "It's hard to states. maintain operational Yet another first in characteristics that we Las Vegas real estate have worked on over the development courtesy of years if subordinates go Molasky. % 4I0LLUW00D

Excellence = Molasky Corporate Center

^ought Andrew Molasky has long been involved ^ in Las Vegas real estate development, he has now turned his attention towards the entertainment industry via a partnership called Stone Village Pictures. The partnership has produced the award-winning NBC TV series "Las Vegas," the motion picture "The Human Stain" starring Nicole Kidman and Anthony Hopkins, an HBO movie based on Pulitzer Prize-winning novel "Empire The Molasky Corporate Center will be Las Vegas' first Falls," starring Paul Newman Leadership in Energy & Environmental Design (LEED) and Helen Hunt and which "GREEN" Class A office building. Certified by the U.S. Green was awarded an Emmy, a Building Council, this building enjoys a superb downtown remake of Akira Kurosawa's location next to the city's 61 acres. Select spaces are 1952 classic "Ikiru" with DreamWorks studio, and a available for occupancy Fall 2007, but with 300,000 sq.ft. out movie based on the Pulitzer of 365,000 sq. ft. already leased, they will go quickly. Prize-winning novel "Love in the Time of Cholera" by Gabriel Garcia Marquez to be directed by Mike Newell. Another fine project developed by Andrew just returned from London where he is producing CB RICHARD ELLIS ^MOLASKY a film entitled 'Penelope' GROUP OF COMPANIES starring Academy Award For leasing information 3111 S. Maryland Parkway contact Brad Peterson, winner Reese Witherspoon Las Vegas, Nevada 89109 Randy Broadhead, Darren and Christina Ricci. Andrew's 702.735.0155 molaskyco.com Lemmon at 369-4800. daughter Sarah is a performer in LeReve at Wynn Las Vegas. With what professional What's your proudest group are you most moment? involved? From the executives at Rich: Becoming a father to a Rich: Young President's The Molasky Group of Companies lovely little girl Organization (YPO) Suzanne: There are many Suzanne: USGBC, APA, ULI but they all seem to revolve and NAIOP around my children's Brad: Financial Executives accomplishments International Brad: When I was Tony: AGC acknowledged as the top Pam: Institute of Management graduating student and Accountants Student of the Year by the USC Jeff: NAIOP Business School and seeing my parent's pride—I will never forget that day What do you collect? Tony: The birth of my son Pam: Being the only child Rich: Wine of seven to graduate from Suzanne: Demitasse cups college, then receiving my CPA certification Brad: Credit card statements Jeff: Opening my P.O. box Tony: Memories and finding the letter of Pam: I have a passion for acceptance into the University scrapbooking of Washington business school Jeff: Ticket stubs, room keys, matchbooks from anyplace I travel What's your biggest challenge?

What's your favorite book, CD or movie? Rich: Finding a great piece of dirt that I can afford for my next deal Rich: Anything Clancy Suzanne: Achieving and Suzanne: Something's Gotta maintaining balance in my life Give Brad: Keeping my work space Brad: The Three Musketeers organized Tony: Omega Man Tony: Time management Pam: The American President Pam: Continuing to find the Jeff: The Last Samurai balance between work and family Jeff: Learning that processes take time—Rome wasn't built in a day Molasky Corporate Center Secures $96 Million Loan

Two powerhouses come together to build city's first LEED building

t's going to take a lot of green to Marnell Corrao Associates has important projects," says Tony Mar- build the city's first green build- earned recognition for developing nell. Iing. To that end, the Molasky some of the world's most luxurious Molasky Corporate Center will Group of Companies has secured $96 and notable landmarks. Its clients earn the U.S. Green Building Coun- million in financing from Wells Fargo include Boyd Gaming, Harrah's En- cil's Leadership in Energy and Envi- for the construction of the Molasky tertainment, Wynn Design and De- ronmental Design (LEED) silver cer- Corporate Center in downtown Las velopment and MGM Mirage. The tification. The 16-story building will Vegas. company has also embarked in a new create 265,000 square feet of office "Our finance team—Brad Sher, direction with the creation of Mar- space and 20,000 square feet of retail Christina Natale and Pam Capko— nell Properties focusing primarily on at the corner of Grand Central and really knocked this one out of the the office, retail, and flex/distribution City Parkway. park," says company president Rich real estate market. Howard F. Thompson &c Associ-

ates is the architect. Tony Sibella is the project manager for the Molasky Group. CB Richard Ellis and Burn- ham Realty have the listing and the Southern Nevada Water Authority is the anchor tenant. The Molasky Corporate Center goes vertical at the corner of Grand Central and City Parkway across from the new IRS Office Building and next to the city's 61 Acres.

Worthington. "They worked very This is not the first time the two If you have questions about any hard looking at deals and making powerhouses of development have the numbers work so we can get this come together. In 1985 they teamed of our properties or are interested project vertical." up to bring La Costa Hotel and Spa in discussing a development Best known for high-end turnkey to the San Diego area. "We are once opportunity, contact Rich design-build services to clients in the again proud to have been chosen as Worthington, President of The entertainment/hospitality industry, General Contractor to build another Molasky Group of Companies Marnell Corrao Associates has been important Molasky project. Our re- at 702-735-0155 or via e-mail: tapped by the Molasky Group of lationship now extends over 28 years [email protected]. Companies as general contractor for and we continually strive to achieve the Molasky Corporate Center. the Molasky Group's goals in these Bradley was not yet considered a problem." Since , Sher has led the negotiation for financing hun- Sher dreds of millions of dollars of new projects in Las Vegas. He has also helped the company forge public-pri- Vice President of Finance vate partnerships that led to the cre- ation of the IRS building downtown, the Social Security Administration building, Casa Grande re-entry facil- VP of Finance doesn't just crunch numbers— ity and the Molasky Corporate Cen- ter, which will be the city's first LEED Brad Sher helps fuel Companies' rapid growth (GREEN) Class A office tower. When asked about his success with the company, Sher notes "I am s Vice President of Finance, strategic business decisions. Rich successful because of the team we Bradley Sher can be mistak- Worthington notes, "Sher is involved have assembled. Everyone at every Aenly viewed as just a number in all aspects of the company's devel- level of the organization works dili- cruncher... this could not be further opment business, from initial project gently to help deliver projects that from the truth. According to Irwin conception, through completion and are feasible and that the company Molasky, "Brad is the best I have asset management." can be proud of." seen at evaluating and modeling "I enjoy working on a broad Sher is involved in Financial Ex- complex business opportunities; we range of projects," Sher says, "and ecutives International (FEI), a presti- depend upon his keen insights and aggressively managing the ability to gious group of sharp executives who strategy." extract greater value from our exist- handle the finance, strategy and ac- For the past eight years, Sher has ing real estate portfolio." counting issues for Las Vegas' larg- helped fuel the growth of the Mo- It was Sher who wrote the est firms. lasky Group of Companies in times financing memorandum that helped On a personal note, Brad has of challenging markets, rising inter- secure the financing for Park Towers, a 16-month old daughter who is est rates and skyrocketing costs with the luxury condominium property named Sydney, after the Austra- his ability to zoom in on complex fi- credited with starting the high rise lian city where Brad met his wife, nancial data and deftly interpret the craze that has swept the Las Vegas Glenda, who moved to the States information. market. Sher says, "At the time, from Ireland to marry Brad in 2002. His knowledge of advanced busi- obtaining funding for the next When asked about Sydney, Sher just ness economics is coupled with solid generation of vertical living in Las smiles and says "Glenda and I are so relationships at a broad band of lend- Vegas was no easy task. Market blessed." So when is a little brother ing institutions and private inves- demand was, as yet, undefined and or sister coming? Sher says, "Stay tors, allowing the company to make scarcity of available, buildable land tuned!" #