Las Vegas Leases with More than 200 Manufacturers Marks Unprecedented Industry Support

Furniture World Magazine

World Market Center reported lease commitments and signed leases from more than 200 manufacturers for Phase One, a planned 1.25 million square-foot showroom facility dedicated to all segments of home furnishings. The Las Vegas Market’s rapid leasing achievement, coupled with other significant milestones for the project, underscores the extraordinary degree to which the industry has demonstrated support for this super-regional market, according to project developers. The Las Vegas Market has attracted more than 200 manufacturers and importers as tenants, accounting for more than 1 million square feet in lease commitments, of which more than 800,000 square feet represent fully executed leases. "We have reached an all-time high, and in a relatively short time, have achieved critical mass for World Market Center SM," said Jack Kashani, with Shawn Samson, co-managing partners of the project. "Our vision to build a super-regional showroom complex with national and international draw has been widely welcomed by the industry. We are proud to share our vision with a distinguished list of exhibitors which will help drive the success of the Las Vegas Market." DMI Furniture, Magnussen/Presidential Furniture, Pulaski Furniture, Standard Furniture, Vaughan Furniture are among the list of distinguished furniture manufacturers and importers who have signed on to the Las Vegas Market. Leasing executives added that five of the U.S. market’s Top 25 manufacturers have also signed on – and three more are expected to do so shortly; however, these companies have requested that their names not yet be released. In addition to cultivating major East Coast-based companies as tenants, leasing efforts have also focused on strong West Coast manufacturers and importers, including Fairmont Designs, Guildcraft Furniture, H.H. Hiatt Furniture, Kushwood Furniture, Lifestyle California and Orman Grubb Furniture. "We believe a tremendous opportunity exists for our market to serve and promote the western resources and manufacturers," said Dave Palmer, general manager of the proposed exhibition building. "We plan to showcase one of the largest collections of western manufacturers, many of which create the ‘California look’ and set trends for home furnishings." The home accessory and lighting tenants further establish a complementary mix of home furnishings and home accents under one roof, creating a compelling presentation for cross-category selling, says Palmer. "If you always concentrate on the top tier exhibitors," said leasing manager Babs Blair, "you may be missing the smaller, progressive company who offers unique product lines. For that reason, we must not only offer the name brands, but also give buyers the opportunity to find that perfect ‘diamond in the rough.’ I believe that’s what a successful buying trip is about – being able to find new products to offer your customers. World Market Center SM will provide that experience." As a natural market venue, developers point to renowned Las Vegas’ infrastructure and amenities, among important factors that tenants and retailers characterized in an exclusive survey as clear indications of the market’s long-term sustainability "It’s not just that we believe buyers will come in masses to our first market, but that we believe they will continue to come over time because we have the right mix of exhibitors and amenities," said Samson. Aside from a very successful leasing program, the project will show new signs of growth and progress in the coming months. Construction for Phase One is set to begin in winter, 2003. Developers are planning to hold the first market in 2004 with more than 500 tenants in over 1.25 million square feet — about 250 permanent exhibitors and another 200 to 300 temporary exhibitors. "Breaking ground at our 57-acre site in downtown Las Vegas will be an event to behold. Not only will it solidify our foundation in Las Vegas, but also for the industry it will officially mark a new generation of home furnishings markets," said Kashani. Meanwhile, the building permit process has started, a team of architects and engineers has been hard at work, and site clearing is under way. Leasing of the second-phase 1.25 million-square foot building will begin as soon as the first phase is under construction, the developers said. Upon completion, World Market Center SM will be the largest home furnishings complex in the West. Phase One will total 1.25 million square feet and will be a trade facility dedicated to all aspects of home furnishings, including furniture, bedding, decorative accessories, lighting and a first-class Design Center. The 10-story building will house six floors of furniture and bedding showrooms and two floors of decorative accessories and lighting. The first two floors of the building comprise the Design Center with a diverse selection of showrooms open year round. For leasing information, contact Babs Blair or Russell Blair at (888) 416-8600 or by e-mail at: babs@LasVegasMarket.com or Russell@LasVegasMarket.com. For general information about the project, contact Dave Palmer, General Manager at: (702) 243-2356 or by e-mail: Palmer@LasVegasMarket.com. For more information, visit www.LasVegasMarket.com.