April 2011

On March 31, 2011, Douglas P. Wilson was appointed as Receiver of the World Market Center Las Vegas, a 5 million square-foot showcase for the home and hospitality contract furnishings industry in downtown Las Vegas.

The World Market Center, a landmark in downtown Las Vegas, looms over the Interstate 15/Interstate 515 Spaghetti Bowl interchange and totals 5 million square feet on 57 acres.

World Market Center Las Vegas hosts the Las Vegas Market, a major trade show held twice a year. Las Vegas Market features a vast array of product offerings across all categories, including furniture, accessories, gift, lighting, home textile, rugs, floor coverings and more. A portion of the building features permanent showrooms for interior designers and the general public. These spaces are called the Las Vegas Design Center (LVDC) and span over than 400,000 square feet. Read more about the property in this article from the Las Vegas Sun.

DWC will focus on stabilizing the asset and capitalizing on the tremendous success of the Winter Market to prepare for the next industry market event in August 2011.

Two D.C.-Area Projects Revived with DWC Help

by DWC Team on April 21, 2011

The Wall Street Journal reported yesterday that two significant Washington D.C. projects recently saw construction restart after lender Bank of America revived funding on nearly $100 million in previously promised construction loans.

Construction giant Skanska AB is putting the final touches on the new headquarters of the National Oceanic and Atmospheric Administration and a 400,000-square-foot speculative office building known as 1015 Half Street.

The article describes the various challenges DWC faced to get these projects back up and running:

“To convince Bank of America to increase the construction loan to $153 million from $121 million, Mr. Wilson had to renegotiate a better lease with the GSA. Originally, the government agency planned to pay a gross rent of $275 a square foot at the new headquarters building and contribute about $25 million in tenant improvement reimbursements to pay for the final stages of construction.

In the end, the agency agreed to raise its reimbursements to about $40 million and pay for utility costs as an expense separate from its lease, according to Mr. Wilson. A spokeswoman for the GSA said the $15 million increase in the government’s contribution to the project was due to
changes in NOAA’s space needs.”

Read the full article at http://online.wsj.com/ or download the .pdf version. WSJ Article: Stalled Projects Revived.pdf.