LAS VEGAS, NV, (June 16, 2010) – Crescent Real Estate Holdings LLC announced today that Wells Fargo Bank has renewed its lease for more than 60,000 square feet of space it has occupied at the company’s Hughes Center since 1987. Bob Boykin, Crescent’s managing director of leasing for Houston and Las Vegas, said Crescent went to great lengths to ensure Wells Fargo Bank maintained its Nevada headquarters and related operations in the 18-story tower at 3800 Howard Hughes Parkway. The tower is in the heart of Hughes Center, near Paradise and Flamingo roads and just east of the Las Vegas Strip.
“This is great news for Crescent, Wells Fargo and all of our customers in Hughes Center,” Boykin said. “We were able to offer the bank very competitive lease rates and terms reflecting today’s market conditions.” Kirk Clausen, president and CEO for Wells Fargo Bank Nevada, said, “After careful consideration, the bank came to the conclusion that continuing its operations at Hughes Center offered continuity and represented the best possible value and location for the bank, its customers, employees and shareholders.”
Boykin said Wells Fargo Bank renewed its lease for the 60,200 square feet of Class A space it leases on several floors of what many Las Vegans have come to call “the Wells Fargo Tower.” In addition, Wells Fargo Bank will continue to operate its well-utilized bank branch on the first floor of 3800 Howard Hughes Parkway. He said the lease renewal comes as Crescent is remodeling and upgrading many areas of the building, including the first-floor lobby, elevators, corridors and restrooms. “Our goal is always to maintain Hughes Center’s position as the premier business address in Las Vegas, while offering the greatest possible value to customers like Wells Fargo Bank” Boykin said. Tom and Lizz Stilley, of Colliers International in Las Vegas, represented Crescent. Darren Lemmon, of CB Richard Ellis in Las Vegas, represented Wells Fargo Bank in the multiyear lease transaction. Boykin also credited Arthur Barbour, vice president of real estate for Wells Fargo Bank, with forging what he called “a mutually beneficial deal” to keep Hughes Center’s largest customer in the business park for years to come.
Hughes Center, completed in 1987, includes nine office buildings totaling nearly 1.4 million square feet of Class A office space. The center also houses seven upscale restaurants, a Residence Inn by Marriott hotel, locations of Starbucks Coffee and FedEx/Kinko’s, and the Park Towers luxury high-rise condominium development.
ABOUT CRESCENT
Crescent Real Estate Holdings LLC is headquartered in Fort Worth, Texas. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 36 premier office buildings totaling over 17 million square feet located in select markets across the United States with major concentrations in Dallas, Houston, Denver and Las Vegas. Crescent also holds investments in resort residential developments in locations such as Scottsdale, Vail Valley, and Lake Tahoe; luxury hotels; and the wellness lifestyle leader, Canyon Ranch®.
ABOUT WELLS FARGO BANK
Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 stores and 12,000 ATMs and the Internet (wellsfargo.com and wachovia.com) across North America and internationally.
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