In today's commercial real estate landscape, the bigjust keep coming. Brokers around the country are using the strong economy as a springboard to create big-volume transactions. Office and industrial markets are particularly active as waves of e-commerce and dot.com companies start up, and distribution facilities expand to accommodate the subsequent increases in electronic customer orders.
However, the action is not confined to start-up companies. For instance, in a landmark office transaction, New York-based McCann-Erickson, the giant advertising agency, signed a deal through New York-based Cushman & Wakefield in March to move its headquarters to 622 Third Ave., a 39-story tower in Manhattan, and lease 450,000 sq. ft. The tower, which was once home to Empire Blue Cross and Blue Shield, will be renamed McCann-Erickson World Group at Grand Central Plaza.
The 21-year lease is reportedly worth $500 million. McCann also has the option of expanding within the tower. The agency vacates about 350,000 sq. ft. at 750 Third Ave.
Busy in the Northeast Observers agree that the Northeast markets are crackling with energy. Commercial activity in the region is strong across the board in the office, industrial and retail sectors, according to Rhyne Brown, Northeast regional vice president of Hightstown, N.J.-based New American International (NAI). There is a continuing demand for Class-A and Class-B office space in all of the region's major metropolitan markets.
Julien Studley, CEO of New York-based Julien J. Studley Inc. characterizes the Northeast commercial real estate market as "sensational," noting strong markets in New York; New Jersey; Long Island, N.Y.; Boston and Washington, D.C. The only major market experiencing some softness is Philadelphia, he says.
Commercial activity in metropolitan New York is "overheated" with competition for every piece of space in the wake of meager construction during the past 12 years, says Franklin Speyer, executive director of Cushman & Wakefield. Nearly everything is built with assigned tenants, and speculative office buildings in the suburbs are leased up before they top out.
New offices in Times Square are all leased, and rents continue to climb. Class-A office space is going from $55 to $80 per square foot in midtown Manhattan, and some rents are more than $100 per square foot. Markets are under pressure because of no new development, observes Speyer.
The Boston area has strong fundamentals with vacancies at all-time lows and demand high for two-story office R&D flex space, adds Peter Joseph, senior director of financial services for Cushman & Wakefield in Boston. Rents continue to rise, and there is not much spec development in downtown Boston or downtown Cambridge. However, suburban spec development is filling up, and investment demand has softened because some per square foot prices are so high that investors are concerned about their exit strategies, says Joseph.
Brown describes Boston as "hyper hot" because of its continuing development as a center for high-tech, computer and bio-tech industries. From the tenant view, tight markets mean fewer choices and the necessity to move fast when an opportunity arises, he says.
The Washington, D.C., area is no longer dominated by the federal government but rather by Internet firms, says Studley. Those companies' requirements in the area have triggered an expanding geography of office space in which once unacceptable locations such as former factories and warehouses are being converted to user space.
Studley, Speyer and Brown all caution that a kink in the otherwise vigorous market could be over-expansion on the part of e-commerce and dot.com firms riding on venture capital rather than their own earnings.
Major recent deals in the Northeast region include:
* Minneapolis-based Fallon McElligott, an advertising agency, signed a lease for 60,000 sq. ft. at the Woolworth Building, located at 233 Broadway in Manhattan.
* New York-based SFX Entertainment Inc., a producer and promoter of live entertainment events, signed a 20-year lease for 230,000 sq. ft. in 24-story Candler Tower, located at 220 W. 42nd St. in Manhattan. Julien J. Studley Inc. represented SFX.
* Washington, D.C.-based NAI Charles E. Smith Commercial Realty represented Arthur Andersen when the Chicago-based accounting and consulting giant signed leases for more than 268,000 sq. ft. in Tysons Corner, Va. The deals included a 143,000 sq. ft. renewal at 8000 Crescent Drive and a 125,000 sq. ft. lease at 8020 Towers Crescent Drive, a 225,000 sq. ft. building that is under development.
A booming Southeast The activities of e-commerce, dot.coms and telecommunications companies are creating a vigorous Southeastern real estate market. Wayne Etheridge, executive managing director of the Southern Region for New York-based Insignia/ESG, says there are no depressed markets in the region, although some are stronger than others - Atlanta being one of them.
Commercial demand has been strong in the Southeast for a number of years, and no changes are ahead, says John Padgham, president of Chicago-based Jones Lang LaSalle's Central Division Leasing and Management Group in Atlanta. There is excellent demand and adequate supply for office and industrial space. Some markets are experiencing sharp rental increases because of tightening supplies, he continues.
E-commerce is putting pressure on supply in Atlanta; Miami; Ft. Lauderdale, Fla.; and Raleigh, N.C., home of the Research Triangle. But there is clearly enough of an economic surge to indicate a need for new development in those markets as well as Tampa, Fla.; Orlando, Fla.; Nashville, Tenn.; and Jacksonville, Fla., according to Padgham.
Migration to the South and job growth are strong in Atlanta; Charlotte, N.C.; Florida; and the North Carolina Research Triangle, adds Padgham. Construction is slowing down somewhat, and capital sources are more cautious about spec development, but vacancy rates are monitored closely so that Southeastern markets do not get too far out of balance.
The performance of the Atlanta market has been particularly impressive. The city has experienced very strong absorption of its commercial properties. Investors know that demand is consistent with job growth. So if supply exceeds demand, they are content to wait for demand to catch up. Insignia's Etheridge sees no overbuilding in Atlanta despite the absorption of 5 million sq. ft. of office space in 1999 and another 5.7 million sq. ft. currently under construction. In addition to the office sector, the industrial sector is strong in Atlanta and Charlotte because of high-speed access provided by Interstates 75, 85 and 20 in the former and Interstate 77 in the latter.
Parts of Florida are also booming. In Miami, Airport/West Dade is the busiest suburban market with more than 300,000 sq. ft. leased in fourth-quarter 1999 and another 400,000 sq. ft. under construction. Tampa is steady with a lot of call center development, and 500,000 sq. ft. of new construction is announced for the city's commercial business district.
Major recent deals in the Southeastern region include:
* Insignia/ESG negotiated a 240,000 sq. ft. lease in Atlanta for Atlanta-based Internet Security Systems (ISS), a new three-building complex in the Central Perimeter submarket. The firm also represented the owners of the Centennial Tower during the lease-up of the 36-story, 637,000 sq. ft. office building in Atlanta. Finally, Insignia/ESG was named the exclusive leasing agent for Espirito Santo Plaza, a 1.2 million sq. ft. Class-A, mixed-use development scheduled to open in downtown Miami in late 2002.
* Jones Lang LaSalle represented Alpharetta, Ga.-based Lease Plan USA in a 70,000 sq. ft. lease in a new 150,000 sq. ft. office complex being developed at Sanctuary Park in Atlanta.
* Los Angeles-based CB Richard Ellis negotiated a 168,027 sq. ft., 10-year lease for Atlanta-based Southern Co. Energy at 1155 Perimeter Center West, a 12-story office tower in Atlanta.
Like a rock The Midwest is noted for its strength and stability in commercial markets, and sources expect that to continue in 2000. David Latvaaho, senior managing director for the Chicago office of New York-based Cushman & Wakefield, says the demand is there, and it is not being outpaced by supply. Capital markets are prudent, and both office and industrial buildings are being constructed with anchor tenants.
Dot.com and e-commerce companies are the strongest users of new space, and Latvaaho sees no slowdown in that regard. Additionally, several older buildings are being retrofitted to meet the electrical requirements of Internet companies.
Michael McKiernan, regional managing director-Midwest for Northbrook, Ill.-based Grubb & Ellis, says the space boom is still happening. Vacancy rates are low, and while rental rates have increased, they have not spiked.McKiernan does not think they will because the new office and industrial space c oming on line is 40% to 50% pre-leased. The industrial market is the strongest market in the Midwest with major activity in Chicago, Detroit and elsewhere, he adds.
The Midwest commercial markets are "robust" with a good mix of buying and selling, says Bernard O'Connell, managing director of the Chicago Region for CB Richard Ellis. He sees a big upswing in e-commerce companies, especially in the Chicago, St. Louis and Detroit markets.
O'Connell adds that the Midwest's outlook for the remainder of 2000 is positive. Capital flows continue to be strong, and the market is in equilibrium with a good balance between buyers and sellers.
Gary Sallen, principal and vice president of Southfield, Mich.-based Signature Associates/ONCOR International, says commercial markets in southeastern Michigan are very strong and are buoyed by the area's dominant auto industry. Property types in the greatest demand are large warehouses, high-tech facilities and office/R&D properties focused on automotive design and research. The area is a hub for logistics businesses serving automakers and has a strong influx of German suppliers in the wake of the Daimler-Chrysler merger, he says.
Major recent deals in the Midwest region include:
* Cushman & Wakefield arranged the sale of the 627,324 sq. ft. Arthur Andersen Consulting Tower in Minneapolis to Atlanta-based Lend Lease Real Estate Investments.
* Grubb & Ellis represented Chicago-based Harza Engineering in the signing of a 105,000 sq. ft. lease at 175 West Jackson Blvd. in Chicago. Harza will move its headquarters to the building.
* CB Richard Ellis represented Chicago-based Celano-CDW Computers in a 72,000 sq. ft. lease at 120 South Riverside Plaza in Chicago.
Job growth in the Southwest Strong regional economies and substantial job growth continue to fuel commercial expansion throughout the Southwest. Larry Heard, president of the Southwest Region for Houston-based Transwestern Commercial Services singles out Austin, Texas; and Phoenix as two of the strongest markets.
Austin is a center for dot.com companies, while Phoenix, with a diversified economy, is expected to add up to 60,000 new jobs in the next three years, says Heard. Phoenix's Camelback Corridor is expected to absorb 1.8 million sq. ft. of commercial space in the next few months, he adds.
Dallas and Houston are approaching equilibrium after absorbing most of the new space that came on line in 1998 and 1999, adds Heard. He foresees strong lease-up activity in 2000 and 2001 due to pent-up demand by companies that delayed expansion in anticipation of Y2K problems.
Phil Puckett, senior vice president for corporate advisory services for Dallas-based Trammell Crow Co., sees healthy growth and "tremendous activity" in the office markets of Dallas, Houston, San Antonio and Austin.
Despite expected overbuilding in these markets, large blocks of space have been absorbed, so there is no crisis anywhere, he says. Firms are looking for value with a sufficient footprint - a 300,000 sq. ft. floorplate - that allows them to enjoy greater efficiency and density, which reduces costs, he explains.
Bill Goeke, senior vice president of Houston-based PM Realty Group's Southeast Division, and John Dailey, senior vice president of the company's Investment Services department, agree that commercial real estate markets are booming in the four major Texas cities as a result of job growth and business expansion. As an indication of the strength of these markets, 60,000 to 61,000 new jobs are expected in Houston in 2000, while 52,000 new jobs are anticipated in Dallas/Fort Worth. Meanwhile, 28,000 and 20,000 new jobs are slated for Austin and San Antonio, respectively.
Houston is characterized by steady growth, says Dan Bellow, president of Houston corporate services for The Staubach Co., which is based in Dallas. The market is in balance because it did not overbuild in the 1998-1999 construction cycle. The energy economy is healthy because oil prices have stabilized, and the high-tech sector is growing rapidly.
Major recent deals in the Southwest region include:
* Transwestern negotiated leases totaling 110,000 sq. ft. for New York-based Ernst & Young at One Panorama Center near the Dallas/Fort Worth Airport.
* Trammell Crow negotiated leases totaling 360,000 sq. ft. for the Dallas-based software firm I2 Technologies in the Colinas Crossing Business Park in Dallas.
* Newport Beach, Calif.-based Koll Bren Realty Advisors gave PM Realty the exclusive leasing assignment for three suburban Houston office buildings totaling 304,188 sq. ft. The buildings include 1500 S. Dairy Ashford, Green I and 9100 SW Freeway.
Fast times on the West Coast As in the other regions, commercial real estate activity in the West is proceeding at a brisk pace. The region is "very hot," says George Kallis, executive managing director of the Western Region for Los Angeles-based CB Richard Ellis.
Kallis adds that he has "never experienced quite this level of activity" in his 24 years in the business and attributes it to a new economy centered around technology and e-commerce growth. The firms that succeed grow to an enormous size quickly, increasing the demand for office and R&D as well as industrial space.
There are major space shortages in Northern California, south and west Los Angeles, and Seattle, says Kallis. Meanwhile, Orange County doesn't have shortages because it is more of a planned area, he notes.
Michael Zugsmith, chairman of NAI Capital Commercial in Encino, Calif., and Rick Gold, executive vice president of NAI Commercial in west Los Angeles, both say that metropolitan Los Angeles continues to experience a strong commercial market following a banner 1999. There is strength in the office, industrial and retail markets, although there has been some recent softness in the high-tech and dot.com areas, says Zugsmith. That is because a number of these firms are still operating on venture capital and are not yet at the IPO stage.
Overall, as industry members note, the performance of the West Coast markets is reliant on technology and entertainment. There will be no commercial slowdown as long as those two areas remain strong, says Gold.
California, Colorado, Washington, Nevada and Oregon are all experiencing healthy commercial markets, says Richard Smith, president and CEO of Las Vegas-based Lee & Associates. California has turned the corner from reliance on aerospace to high tech, while southern Nevada has continued to be a center for tourism in addition to retail, industrial and office growth, he says.
Major recent deals in the Western region include:
* CB Richard Ellis negotiated the lease of a new 817,750 sq. ft. warehouse in Ontario, Calif., to The Home Shopping Network, based in St. Petersburg, Fla. The 10-year lease is valued at approximately $130 million.
* NAI Commercial negotiated the $10.5 million sale of the Litton Systems headquarters in Moorpark, Calif., to Calabasas Hills, Calif.-based Calabasas BCD.
Given the continued strong performance of the nation's economy,are finding today's market very much to their liking. A new century may have begun, but the era of the big deal continues. SAX Entertainment Inc., a producer and promoter of live entertainment events, has signed a 20-year lease for 230,000 sq. ft. in the historic 24-story Candler Tower, 220 West 42nd Street in Manhattan. Studley represented SFX.
* Tiffany & Co., represented by Studley, signed a 15-year renewal and expansion lease for its corporate offices at 600 Madison Ave. in Manhattan. The jewelry retailer is taking an additional 40,000 sf at 600 Madison increasing its total space in the building to 164,253 sq. ft.
* Fallon McElligott, a Minneapolis-based ad agency, signed a lease for 60,000 sq. ft. at the Woolworth Building, 233 Broadway in Manhattan.
* The New York City Off Track Betting Corp. renewed and expanded its lease for 148,748 sq. ft. in the Paramount Building, 1501 Broadway in Manhattan.
* In addition to the McCann-Erickson deal, C-W recently completed a 100,000 sq. ft. transaction at 230 ParkAvenue for the U.S.-based operations of Swiss Re Capital Partners, a division of Swiss Reinsurance Co. Cushman & Wakefield represented both the landlord and then tenant in the 20-year lease.
Recent major transactions by NAI include:
* NAI Charles E. Smith Commercial Realty, Washington, D.C., negotiated a deal for accounting and consulting giant Arthur Andersen in Tysons Corner, Virginia, involving over 268,000 sq. ft. including a 143,000 sq. ft. renewal at 8000 Crescent Drive and a new 125,000 sq. ft. lease at 8020 Towers Crescent Drive, a 225,000 sq. ft. building now under development.
* NAI Charles E. Smith also negotiated a long-term lease for approximately 138,000 sq. ft. for The National Institutes of Health at Two Democracy Plaza, 6707 Democracy Blvd, Bethesda, Maryland.
NAI Pyramid Brokerage, Syracuse, New York, completed another assignment for the Whitewater Group of upstate New York. The transaction, involving the cooperation of Gold & Co., Pittsburgh, required a 24-month multi-state site and market search resulting in the purchase of a $2 million 15-acre retail property in Uniontown, Pennsylvania, to construct a new hotel.
Major Insignia/ESG deals in the Region include:
* Insignia negotiated a 240,000 sq. ft. lease for Internet Security Systems (ISS) in Atlanta at Mount Vernon Place, a new three building complex being developed by the Griffin Co. in the Central Perimeter market.
* The company represented the owners of Centennial Tower in the building's successful lease-up. After a multi-million dollar redevelopment to Class A in 1998, the structure was 10% leased. Over 1999, aggressive marketing increased the rate to a current level of around 85%.
* Insignia also represented the Marsh insurance brokerage firm and its subsidiaries in their consolidation into 175,000 sq. ft. of office space at Prominence in Buckhead, a new building developed by Holder Properties and Equity Office.
In Miami, Insignia/ESG's William Holly, managing director, was named exclusive leasing agent for Espirito Santa Plaza, a new 1.2 million sq. ft. mixed use development which was scheduled to break ground in May, 2000.
Significant Jones Lang deals in the Southeast include:
* Jones Lang represented Lease Plan USA in a 70,000 sq. ft. lease in a new 150,000 sf office development being built at Sanctuary Park, Atlanta.
* Jones Lang and the partnership of country Lakes have signed an agreement to jointly develop Miramar Centre, a 1.3 million sq. ft. business park in Miramar, Broward County, Florida. Jones Lang will serve as exclusive leasing and management representative.
Edward Milton, senior managing director-Eastern Region Corporate Services of CB Richard Ellis, Atlanta, says the Southeast commercial markets are "as healthy as I've seen in 25 years."
Recent major Southeast transactions by CB Richard Ellis include:
* Pan American Land development, an operating unit of CB Richard Ellis, purchased 103 acres at the Corporate Park of Coral Springs, Florida from WCI Communities. The acreage will be divided into parcels for sale. There will also be build-to-suits for sale or lease.
* CB Richard Ellis negotiated a 168,027 sq. ft. 10-year lease for Southern Co. Energy in a 12-story office tower at 1155 Perimeter Center West, Atlanta.
* The company represented sellers Ashford Green LLC and the O'Connor Group in the purchase of Ashford Green, a 263,000 sq. ft. office building along with 18 acres of developable land in Atlanta by Manulife Financial. The purchase price was $37.1 million.
* The company represented sellers the MONY Group and Aegon Life in the purchase of One Commerce Square, a 475,000 sq. ft. 31-story office building in Memphis by Development Service Group.
Cushman & Wakefield's big Midwest transactions include:
* In one of the largest downtown office building transactions this year in Minneapolis, C-W arranged the sale of the 627,324 sq. ft. Andersen Consulting Tower to Lend Lease Real Estate Investments. The seller was Metropolitan Life Insurance Co.
* The company represented Central American Group, a food distribution firm, in site selection and lease negotiations leading to lease of a 356,621- sq. ft. building in the Woodridge, Illinois International Center.
* The company also represented North American Van Lines in site selection and lease negotiations culminating in lease of the 101,513 sq. ft. Glendale Heights Distribution Center #1 in Glendale Heights, Illinois.
* Unimast Incorporated, one of the nation's largest manufacturers of construction steel products, signed a long-term lease for a 150,000 sq. ft. build-to-suit manufacturing and distribution center in Rock Run Business Park, Joliet, Illinois. C-W represented Unimast in site selection and lease negotiations.
Recent major Midwest transactions by Grubb & Ellis include:
* The company represented owner Ashley Capital in the lease of 700,000 sq. ft. at a newly developed bulk warehouse facility in Livonia Corporate Center at Millennium Park in the Detroit area by Technicolor Video. This transaction represents the first lease completed at Livonia Corporate Center.
* The company was named as exclusive marketing representative for the 190,000 sq. ft. spec office building in the O'Hare market being developed by Higgins Development Partners LLC. the building is part of the O'Hare Gateway Office Center Development.
* Grubb & Ellis represented Harza Engineering in the firm's completion of a 105,000 sq. ft. lease at 175 West Jackson Blvd. in Chicago., Harza will relocate its corporate headquarters to that address from Sears Tower.
* The company represented Newspaper Services of America (NSA) in the firm's consolidation of its Chicago area facilities in the East-West Corridor. NSA completed its consolidation with a 73,442 sq. ft. lease at Highland Landmark II in Downers Grove.
Major Midwest deals by CB Richard Ellis include:
* The company represented the seller, Allegis, (now UBS Brinson) in sale of the 240-unit Lincoln Square Apartments, Arlington Heights, Illinois to Archer-Stone for $18,050,000.
* CB Richard Ellis represented Celano-CDW Computers in a 72,000 sq. ft. lease at 120 South Riverside Plaza, Chicago, expected to provide 600 New high tech jobs in the West Loop area.
* Recent major Signature deals include negotiation of leases for twin 450,000 sq. ft. warehouse facilities, one in Highland Park, Michigan, and the other in Auburn Hills, Michigan. Ryder Integrated Logistics is the tenant in both, supplying parts to GM assembly plants.
Transwestern's major recent deals in the Southwest include:
* The company negotiated leases totaling 110,000 sf for Ernst & Young at One Panorama Center near the Dallas/Fort Worth Airport. Transwestern was the developer of One Panorama Center.
* Transwestern was chosen by Orix PLC Houston Venture to manage and lease Houston's new 360,000 sq. ft. Marq.E Entertainment Center in Houston. The $70 million mega-lifestyle/entertainment complex and outdoor mall is one of only three such centers in the U.S.
* The company was awarded two major leasing assignments in the Phoenix market totaling nearly 1 million sq. ft., for Canyon Corporate Plaza (300,000 sq. ft.) and the Biltmore Financial Center (638,000 sq. ft.).
Trammell Crow's recent major Southwestern deals have included:
* The company negotiated leases totaling 360,000 sq. ft. for i2 Technology, a software firm, in the Colinas Crossing Business Park, Dallas.
* The company negotiated a 12-year, 247,596 sq. ft. lease in Houston's energy corridor for Aspen Technology. The lease represents 100% of the speculative office building being built by Trammell Crow on behalf of the owners, Office Development Properties LP.
* Baylor University Medical Center, Dallas, awarded Trammell Crow Outsourcing Services Group a construction management/owner representation contract for a 200,000 sq. ft. cardiology and vascular hospital in downtown Dallas. Total project cost will be around $50 million.
Major PM Realty deals in the Southwest include:
* The company was awarded the exclusive property management and leasing assignment for four Dallas office buildings totaling 823,000 sq. ft. by Koll Bren Realty Advisors. Included are Gateway Tower, Promenade, Empire One and Carillon Tower. The contract expands PM's management and leasing portfolio in the Metroplex to 3 million sq. ft.
* The company was awarded the exclusive leasing assignment for three suburban Houston office buildings totaling 304,188 sq. ft. by the Koll Bren firm. Buildings include 1500 S. Dairy Ashford, Green I and 9100 SW Freeway.
* PM Realty Group's Investment Services Division negotiated the sale for Park Central Plaza, a class B-plus office building in Houston, to BGK Equities LLC, a Santa Fe, New Mexico-based investment firm.
Major Staubach deals in Houston have included:
* The company negotiated a 470,000 sq. ft. office lease for ABB Inc. enabling the firm to consolidate its operations into a single building (3150 Briar Park Drive) from seven different buildings.
* The company negotiated a 169,862 sq. ft. lease for Santa Fe Energy Resources, Inc. in a new Class A building at 840 Gessner in Houston.
Major CB Richard Ellis transactions in the West include:
* The company negotiated the lease of a new 817,750 sq. ft. warehouse in Ontario, California to the Home Shopping Network. The 10-year lease is valued at approximately $30 million.
* The company was named exclusive office leasing agent for Pacific Green Offices in the Pacific Design Center, West Hollywood, California. With 200,000 sq. ft. of space currently available, Pacific Green represents one of the largest blocks of contiguous space in the Los Angeles marketplace.
* In San Francisco's largest deal in 1999, Organic leased 212,000 sp. ft. in the Baker Hamilton Building, south market district. CB Richard Ellis represented the building owner in the deal.
* Wohl Property Group announced the acquisition of the for mer Hughes Family Markets Distribution Center, a 37-acre distribution facility in Irwindale, California, by TA Associates Realty of Newoport Beach on behalf of an institutional investor client. CB Richard Ellis represented both buyer and seller in the acquisition and will handle marketing on behalf of the new ownership.
Among NAI Commercials' major deals are:
* The company negotiated the sale of the Litton Systems headquarters in Moorpark, California, to Calabasas BCD in a deal valued at $10,500,000.
* The company handled the transaction in which Santa Monica Shores purchased a 34,340 sq. ft. hotel in Corona Del Mar, California, from Hanford Hotels, a deal valued at $8,950,000.
* NAI Commercial negotiated the lease by Ventura County, California's largest law firm, Nordman Cormany, Hair & Compton, for 29,837 sq. ft. of office space for 5 years 7 months in Oxnard from Arden Realty.
Significant Lee & Associates deals include:
* The firm negotiated a 70,000 sq. ft. lease for National Airlines' new corporate headquarters and reservations call center in Las Vegas.
* Lee also negotiated a 70,000 sf lease for Direct Focus in the Las Vegas Speedway Research and Development Center.
* A lease was negotiated for an 18,000 sq. ft. campus for Nova Southeastern University in Las Vegas and the company is working on a 50,000 sq. ft. lease for Nevada's first pharmacy school.