World Market Center in Las Vegas Partners With New York Real Estate Firm
January 27, 2004
LAS VEGAS – The World Market Center in Las Vegas partnered in January with The Related Companies, L.P. to develop and operate the Las Vegas Market, a 7.5 million-square-foot home and hospitality furnishings trade facility currently under construction. Phase One, the center's 1.3 million-square-foot showroom, is scheduled to open in July 2005.
The partnership with the New York-based real estate firm provides World Market Center with significant financial and construction management resources, and accelerates the construction timeframe. The developers said Phase Two construction would commence before Phase One is complete to assuage the extensive backlog of companies vying for tenant space.
World Market Center lured Related into a partnership with its impressive track record, said Marty Burger, executive vice president of The Related Companies.
"The work that the existing team has accomplished to date is truly remarkable," he said. "In our firm's extensive development experience, I don't believe we have ever seen a completely pre-leased, large-scale, multi-tenanted project prior to construction commencement. We are quite impressed with and committed to the success of World Market Center, and look forward to jointly developing this unique multi-phase project."
"We've carefully studied the project, the home furnishings industry and the Las Vegas real estate environment, and have concluded that this will be one of the most successful large-scale home furnishings markets in the world."
Related will oversee all construction and financing of World Market Center, while World Market Center management will administer market operations and leasing, and obtain governmental approvals and permits.
"We are very proud to have entered into this strategic partnership with Related, which will be synergistic with our existing team and enhance the project on a number of levels. Chief among these is the acceleration of development of future phases," said Shawn Samson, principle at World Market Center. "Our long term plan has always been to select a highly-regarded strategic partner with large-scale development experience and with the financial resources to bring the totality of our vision to bear."
The partnership with the New York-based real estate firm provides World Market Center with significant financial and construction management resources, and accelerates the construction timeframe. The developers said Phase Two construction would commence before Phase One is complete to assuage the extensive backlog of companies vying for tenant space.
World Market Center lured Related into a partnership with its impressive track record, said Marty Burger, executive vice president of The Related Companies.
"The work that the existing team has accomplished to date is truly remarkable," he said. "In our firm's extensive development experience, I don't believe we have ever seen a completely pre-leased, large-scale, multi-tenanted project prior to construction commencement. We are quite impressed with and committed to the success of World Market Center, and look forward to jointly developing this unique multi-phase project."
"We've carefully studied the project, the home furnishings industry and the Las Vegas real estate environment, and have concluded that this will be one of the most successful large-scale home furnishings markets in the world."
Related will oversee all construction and financing of World Market Center, while World Market Center management will administer market operations and leasing, and obtain governmental approvals and permits.
"We are very proud to have entered into this strategic partnership with Related, which will be synergistic with our existing team and enhance the project on a number of levels. Chief among these is the acceleration of development of future phases," said Shawn Samson, principle at World Market Center. "Our long term plan has always been to select a highly-regarded strategic partner with large-scale development experience and with the financial resources to bring the totality of our vision to bear."
