Attch A_0MARKET SURVEY_20220301.pdf

MARKET SURVEY

Frank H. Rogers Science and Technology Building 755C East Flamingo Road Las Vegas, Nevada 89119

Prepared by Sarah J. Watts, Real Estate Contracting Officer, NA-521 March 1, 2022

EXECUTIVE SUMMARY

This Market Survey was generated for the National Nuclear Security Administration’s (NNSA) leasehold interests in the Frank H. Rogers Building in Las Vegas, Nevada to estimate fair market rent.

A study of commercial office properties was conducted to report on available listings. Sources included commercial multiple listing service (MLS) aggregate databases, the U.S. General Services Administration’s (GSA) Inventory of Owned and Leased Properties (IOLP)i, the U.S. Postal Service’s (USPS) available spaceii, and via publications in beta.sam.gov.

According to CBRE’s Q2 2021 Las Vegas Office Marketviewiii report, “overall reduced demand partly arising out of many office users working remotely, has inevitably caused elevated vacancy rates for most of the valley.

This quarter, direct vacancy crawled up to 13%, 50 basis points (bps) higher than Q1 2021. Of the 9 submarkets, Central East and Downtown had the most year-over-year vacancy increase of 383-bps and 484-bps, respectively in the second quarter.

“Office leasing activity had tapered off since the beginning of the COVID-19 pandemic, subsequently causing negative absorption throughout most of 2020 which carried over into the first half of 2021. Despite negative absorption, Q2 leasing activity for the overall market totaled 578,514 sq. ft. (up from 440,367 sq. in Q1), bringing the Year-to-Date total to 876,476 sq. ft. Much of the leasing activity was concentrated in Class A office in the Southwest at 368,739 sq. ft of gross sq. ft. leased.”

The supply of available office spaces from 40,000 to 50,000 square feet generated ten (10) listings.

SUBJECT

In 2001, GSA entered into Lease No. LNV01075, beginning June 1, 2003, through May 31, 2023, for 40,737 rentable square feet of the 66,000 square foot Frank H. Rogers Science and Technology Building (Subject Property). This lease is a modified gross lease with gas and electric paid directly. The Board of Regents of the University and Community College System of Nevada (UCCSN) executed the lease on the Desert Research Institute’s (DRI) behalf, a nonprofit member of UCCSN’s statewide division, which manages and operates the building. GSA took possession of the leased space on behalf of NNSA’s tenants upon Certificate of Occupancy acceptance. NNSA’s tenants - the Public Reading Room, Nuclear Testing Archives (NTA), and the National Atomic Testing Museum (NATM) - occupy this space via Occupancy Agreement (OA) No.

ANV00382 between GSA and NNSA which will expire coterminous with the lease.

The Subject Property is a 3-story, Class A building with 66,000 +/- square feet of gross building area, primarily purpose-built in 2003 for the three (3) NNSA tenants and DRI’s Center for Arid Lands Environmental Management, and as Phase 2 of DRI’s Southern Nevada Science Center. It is located on DRI’s 11.4-acre Las Vegas research campus, which is directly west of the northwest corner of the University of Nevada, Las Vegas campus. The DRI campus is bound on the north by Flamingo Road, a major east/west vehicular corridor, and on the east by Swanson Street, a feeder arterial to McCarran International Airport. The south edge of the site is bordered by the Las Vegas Wash, a flood control channel that travels west to east. The west edge borders a developed Clark County Fire Station site.

The building estimated cost was $10.9 million for 48,000 sq. ft as originally designed. DRI obtained state funds for the 10,000 sq. ft. of office and laboratory space to be used by DRI and site-specific improvements related to the masterplan. The balance of $8.4 million was funded through revenue bonds guaranteed by the General Services Administration (GSA) based on guaranteed annual operating funds from the Department of Energy (DOE). The bonds were to be repaid through the aforementioned 20-year lease with GSA, including interest service. The exhibit space was built-out with funds raised by the non-profit Nevada Test Site Historical Foundation (NTSHF), which manages the museum.

The then-current U.S. Environmental Protection Agency (EPA) Energy Star Buildings Strategy, Planet GSA and The US Green Building council’s LEED Building Rating System Criteria were incorporated into the design plans for the Subject Property. Additionally, to comply with Executive Order (EO) 11988, “Floodplain

Management”iv, the site was elevated by fill above the base flood elevation, resulting in the Flood Insurance Study Report and Flood Insurance Rate Map for Tropicana Wash Levee at Swenson Street (Figure 1) being revised by Letter of Map Revision (LOMR) Case No. 15-09-1082P, dated October 14, 2015 (Enclosure 1). The site also complies with EO 12072, “Federal Space Management”v, by being across the street from Bus Stop ID:

991, WB Flamingo after University Ctr, and within walking distance to Bus Stop ID: 968, EB Flamingo after Palos Verdes, and Bus Stop ID: 990, EB Flamingo after University Ctr.

Of the NNSA-occupied 40,737 sf, the NATM occupies 16,319 sf (46%). The lobby, auditorium, and bathrooms, located on the first floor, are split equally between NNSA and DRI for space charges. DRI is primarily located on the third floor. A breakdown of square footage uses for the first and second floors is presented in Table 1 below:

LOCATION USE NATM (SF) DOE/NNSA (SF) COMMENTS

FIRST FLOOR

1/128 Exhibit 10,232 1/125 Travel Exhibit 2,610 1/118 Gift Shop 503 1/120 Gift Office 186 1/127 Exhibit Storage 238 1/124 Exhibit Staging 947 1/122 Network 308 1/103 Reading Room 1,813 1/104 Read/Storage 297 1/105 Read/Office 173

First Floor Subtotals: 14,716 2,591 First Floor Total: 17,307

SECOND FLOOR

2/217-219 NTSHF Suite 1,603 Nevada Test Site Historical Foundation

2/N Suite Artifacts 10,208 Cultural Artifacts (DRI-managed) 2/S Suite Coordination and Information Center 11,620 NTA Records

Second Floor Subtotals: 1,603 21,828 Second Floor Total: 23,431

Combined Subtotals: 16,319 24,419 Combined Total: 40,738

Table 1: NNSA Space Allocations

The rate of the expiring lease between GSA and DRI is broken down as follows:

MONTHLY ANNUAL ANNUAL $ PER SQUARE FOOT (PSF)

Fixed Interest & Bond Retirement $70,132 $841,584 $20.66

Operations/Maintenance (O/M) $16,798 $201,576 $4.95

O/M Major Repair Sinking Fund $2,874 $34,488 $0.85

Line of Credit Standby Cost $1,750 $21,000 $0.52

Utilities $7,427 $89,124 $2.19

Total $98,981 $1,187,772 $29.17

Table 2: Current Lease Rates between GSA and DRI

Figure 1: Flood Insurance Rate Map for Tropicana Wash Levee at Swenson Street

METHODOLOGY

FULLY SERVICED LEASE

NNSA’s space requirements are for a fully serviced lease containing 41,000 sf +/- special purpose space in or near the downtown Las Vegas, Nevada, area. This space is necessary to house the statutorilyvi required Public Reading Room and the NTA, and the NNSA Office of Defense Programs (NA-10) -fundedvii NATM.

Additionally, space must include restroom facilities, and ample parking for visitors and employees.

The purpose of the research was to provide an estimated fair market valuation derived from current spaces available for lease. The search criteria were for existing Class A or B (BOMA) professional office space between 40,000 – 50,000 square feet with published fully serviced asking rental rates (i.e., the landlord is responsible for paying all operating costs for the space and include utilities, janitorial, property taxes, insurance, and maintenance). Given the architectural similarities in the desired end state for a “Smithsonian1-quality” museum and archive, and the definitions offered in 2011’s Marshall & Swift® Valuation Service Cost Manualviii, office space, more specifically Class A Office Buildings were targeted as the most comparable to the Subject.

1 The National Atomic Testing Museum (NATM) is operated and maintained by its parent organization, the Nevada Test Site Historical Foundation (NTSHF), an IRS 501(c) 3 charitable, non-profit organization chartered in Nevada. The museum is an Affiliate Partner of the Smithsonian Institution.

Figure 2: Excerpt from 2011’s Marshall & Swift® Valuation Service Cost Manual

The market study collected listings (Enclosure 2) between October and December 2021, for office properties from MLS sources typically used in the commercial real estate market such as Loopnet.com, Crexi.com, Showcase.com, etc. Additionally, GSA and USPS sites were searched for available space. Build-to-suit, retail conversions, and sublets were generally not considered; and flex space was also not considered given the wide variance of options offered on the MLS systems categorized as “flex”.

Initially, the search was limited to an area surrounding the Subject Property, bordered by East Sahara Avenue to the North, South Eastern Avenue to the East, Tropicana Avenue to the South, and Las Vegas Boulevard to the West, which yielded five (5) sites (see Figure 3). No adjustments were made to the listings to make them similar to the Subject.

The estimated lease rates provided in this Market Survey are generally for the effective rent paid for over the first year of the lease term and stated on annual per square-foot values. Typically, any annual increases/decreases over the base year would be negotiated into the lease and based on either the Consumer Price Index (CPI) or as an annual reconciliation of actual operating expenses.

OPERATING EXPENSES

Capturing data for estimating operating expenses for the leased property ran in a similar vein as above. The market study collected listings February 2022 (Enclosures 3 – 7), for office properties from the same MLS sources previously mentioned. The search criteria were for existing Class A or B (BOMA) professional office space between ~40,000 – ~50,000 square feet with published triple net (NNN) asking rental rates (i.e., tenant agrees to pay the property expenses such as real estate taxes, building insurance, and maintenance in addition to rent and utilities). The difference in rates between a fully serviced lease and a NNN lease is typically operating expenses. The average rate of the fully serviced lease comparables was compared against the average rate of the NNN lease comparables, deriving an average for operating expenses.

This methodology for calculating operating expenses contains the following assumptions: similar maintenance requirements, similar space use, similar property ages, similar common area square footage, similar tax rates, and similar energy efficiency ratings. Given that NNN office leases are atypical, tolerances for similar square footage were widened, retail conversions and sublets were considered, and delineated area was widened to the entirety of the metro Las Vegas area.

Further, while Department of Energy’s (DOE) real property system of record – Facility Information Management System (FIMS) – does not require operating expense breakouts for fully serviced or modified gross leases, it does for its owned properties or NNN-leased properties. The FIMS record was pulled on February 4, 2022, for active, occupied NNSA-controlled Las Vegas office and laboratory space which had annual costs for operating expenses itemized. Properties less than 20,000 sf were removed from the listing.

The lists were totaled, then averaged against the average square footage reflected in the pull to generate an annual cost per square foot.

Property taxes were calculated by obtaining the 2022 tax summaries from the Clark County Treasurer’s websiteix (Enclosures 8 – 12) for the properties identified in Table 5. Amounts found in the Net Taxes column of the summary were divided by the Total Building Size square footage found in the MLS listings. The dividend results in a tax rate per rentable square foot (RSF)2.

MARKET ANALYSIS: OPERATING EXPENSES

PROPERTY

ID

OP COST-

ELECTRICITY

OP COST-

GAS

OP COST-

GROUNDS

OP COST-

JANITORIAL

OP COST-

PEST

CONTROL

OP COST-

RECYCLE

OP COST-

REFUSE

OP COST-

WATER:

SEWER

SIZE SIZE UNIT

OF

MEASURE

ANNUAL

PSF

2029539 $257,964

$1.59* $16,007

$0.10* $38,256 $0.24**

$510,936 $3.14*

$3,935 $0.02*

$4,339 $0.03**

$0 $0.00**

$135,772 $0.83* 162,710

Square Feet

2164391 $94,940 $1.22**

$2,619 $0.03**

$49,920 $0.64*

$66,073 $0.85**

$300 $0.004**

$3,982 $0.05*

$13,959 $0.18*

$24,480 $0.32** 77,679

Square Feet

2297815 $131,224

$1.22** $3,620 $0.03**

$68,998 $0.64*

$91,324 $0.85**

$414 $0.004**

$5,504 $0.05*

$19,294 $0.18*

$33,835 $0.32** 107,366

Square Feet

2322234 $45,568 $1.22**

$1,257 $0.03**

$23,960 $0.64*

$31,712 $0.85**

$144 $0.004**

$1,911 $0.05*

$6,700 $0.18*

$11,749 $0.32** 37,283

Square Feet

6104430 $119,666

$1.22** $3,301 $0.03**

$62,920 $0.64*

$83,280 $0.85**

$378 $0.004**

$5,019 $0.05*

$17,594 $0.18*

$30,855 $0.32** 97,909

Square Feet

6104447 $39,304 $1.22**

$1,084 $0.03**

$20,666 $0.64*

$27,353 $0.85**

$124 $0.004**

$1,648 $0.05*

$5,779 $0.18*

$10,134 $0.32** 32,158

Square Feet total $688,666 $27,888 $264,720 $810,678 $5,295 $22,403 $63,326 $246,825 515,105 average $1.34 $0.05 $0.51 $1.57 $0.01 $0.04 $0.12 $0.48 85,850 Table 3: FIMS Data Pull as of February 4, 2022

* Indicates high range ** Indicates low range

2 Note, for multi-tenanted properties, the industry standard for calculating tax and other operating expenses would allocate a portion of the common area to each tenant as a pro rata share to its usable square footage. However, without knowing each tenant’s occupancy rate at each property in Table 5, the square footage advertised is being used in the above calculation as rentable square feet, whereas it is more likely being offered as usable square feet.

Usable square feet is the square footage in commercial space that a tenant can physically occupy – or use. Rentable square feet, however, includes common areas like elevators, restrooms, and hallways.

MARKET ANALYSIS: FULLY SERVICED LISTINGS

PROPERTY NAME

ADDRESS

SOURCE

SPACE

TYPE

CLASS

SQUARE

FOOTAGE

RATE

LEASE

ENERGY

STAR?

Figure 3: Delineated Area

S

Frank H. Rogers Building 755C E Flamingo Rd

GSA3

Special Purpose

40,737 sf

$27.39

MG

N

INSIDE DELINEATED AREA

A

Hughes Center 3773 Howard Hughes Pkwy, Stes 200N, 400N, 500N

Crexi4

Office

46,409 sf

$34.80

FS

B

3800 Howard Hughes Pkwy, Stes 800, 1100, 1600

Crexi3

48,114 sf

$37.20*

C

3883 Howard Hughes Pkwy, Stes 750, 850, 900

44,916 sf

$35.40

Y

D

3930 Howard Hughes Pkwy, Stes 350, 400, 500

43,405 sf

$33.60**

Y

E

3993 Howard Hughes Pkwy, Stes 700, 800

40,837 sf

$35.40

AVERAGE ASKING RATE $35.28

Table 4: Market Listings as of November 30, 2021

3 https://www.gsa.gov/real-estate/real-estate-services/leasing-policy-procedures/lease-inventory 4 https://www.crexi.com/lease/properties/259722

MARKET ANALYSIS: NNN LISTINGS

PROPERTY NAME

ADDRESS

SOURCE

SPACE

CLASS

SQUARE

FOOTAGE2

RATE

TAX

LEASE

ENERGY

STAR?

Figure 4: NNN Lease Properties

K

The Center at Lake Mead 6140-6150 W Lake Mead Blvd

LoopNet5

Retail-to-

Conversion

16,920- 79,218 sf

$19.20

$1.13

NNN

L

7401 W Charleston Blvd

LoopNet6

34,034 sf

$15.00

$1.39

M

Corporate Center the Curve 8880 West Sunset Road

Commercial Cafe7

31,840 sf

$18.60

$0.77**

5475 S Decatur Blvd

CityFeet8

R&D

33,894 sf

$20.40*

$1.56*

O

5550 Painted Mirage Rd

LoopNet9

37,300

$12.00**

$1.03

AVERAGE ASKING RATE $17.04

AVERAGE TAX RATE $1.18

Table 5: Market Listings as of February 4, 2022

5 https://www.loopnet.com/Listing/6110-6190-W-Lake-Mead-Blvd-Las-Vegas-NV/22395920/ 6 https://www.loopnet.com/Listing/7401-W-Charleston-Blvd-Las-Vegas-NV/15347601/ 7 https://www.commercialcafe.com/commercial-property/us/nv/las-vegas/corporate-center/ 8 https://www.cityfeet.com/cont/listing/5475-s-decatur-blvd-las-vegas-nv-89118/cs22455143 9 https://www.loopnet.com/Listing/5550-Painted-Mirage-Rd-Las-Vegas-NV/23071473/

STATUATORY- /REGULATORY-REQUIRED RESEARCH

Rural vs. Urban Description: The Rural Development Act (RDA) of 1972, as amended (7 U.S.C.

2204b-1)x directs Federal agencies to give first priority to locating new offices and other Federal facilities in rural areas unless their mission or program requirements call for locations in an urban area. NNSA has given first priority to rural areas, but an urban location is required for this leasing action. The U.S.

Census Bureau reportsxi that the City of Las Vegas has a population of 641,903 (April 1, 2020) with 4,298.2 (2010) persons per square mile (Enclosure 13). Pursuant to the RDA, more comprehensively defined in 41 CFR 102–83.50-83.65xii, Las Vegas falls under the definition of an “urbanized area” (consisting of a central place(s) and adjacent densely settled territory that together contain at least 50,000 people, generally with an overall population density of at least 1,000 people per square mile), and does not fit the definition of “rural area” (a city, town, or unincorporated area of 50,000 inhabitants or less). Based on the Census Bureau’s data and NTSHF’s desire to ensure increasing annual visitorship, the most appropriate regulatory requirement to comply with is Executive Order (EO) 13946xiii, which encourages “the location of Federal facilities in … centralized business districts”. No rural areas were identified in Las Vegas due to the city and delineated area having a population size which exceeds the definition of “rural area”.

Central Business District Space: Mrs. Watts advertised a Sources Sought citing the requirements above, with a narrowly delineated area, and specifically for museum space on beta.sam.gov from July 26

– August 16, 2021 (Enclosure 14). No responses were received. A second Sources Sought with a broader delineated area and for miscellaneous space was published from November 30 – December 20, 2021, and similarly e-mailed to local listing agents through Catylist.com (Enclosure 15). One listing agent, Mr. Charles W. Van Geel, Senior Director within Cushman and Wakefield’s Southern Nevada market, responded to the Catylist.com e-mailer with two (2) listings (Enclosures 16 & 17), both located at the Hughes Center, previously identified as sites A and E in Table 4 above.

GSA Space: Twenty-one (21) GSA properties were identified in or near the downtown Las Vegas area (Enclosure 18). However, none of these properties had sufficient square footage available to accommodate the customer.

Postal Space: Mrs. Watts performed a search for available USPS space; however, no space was available in Las Vegas nor anywhere else in Nevada (Enclosure 19).

Historic/Culturally Significant Space: Mrs. Watts performed a search in the National Register of Historic Placesxiv; resulting in 12 historic districts and 13 buildings identified (Enclosure 20). None of the buildings had sufficient square footage to accommodate the customer, and none were advertised for lease. Should space be advertised within an historic building and/or district, NNSA shall be required to first give appropriate consideration in the selection of a suitable site, pursuant to the aforementioned EO 13946.

Energy Efficient Space: Pursuant to the Energy Independence Security Act of 2007xv, Mrs. Watts performed a search on the inventory of Energy Star Certified Buildings and Plantsxvi. Eleven (11) office buildings are listed as having received the Energy Star label within the delineated area with two properties overlapping within the listings of available properties; however, only five (5) have received the label in the most recent year (Enclosure 21).

Qualified Opportunity Zones: Executive Order 13853, “Establishing the White House Opportunity and Revitalization Council”xvii, encourages public and private investment in urban and economically distressed areas, including qualified opportunity zones. Opportunity Zonesxviii were added to the U.S. tax code by the Tax Cuts and Jobs Act on December 22, 2017, and are economically distressed communities where new investments, under certain conditions, may be eligible for preferential tax treatment. As identified in Enclosure 22, the Subject Property falls within Opportunity Zone ID 32003002603, and the delineated area also contains Zones 32003001901, 32003002403, 32003002404, 32003002405, and 32003002506.

LEASE COST ANALYSIS

In March 2021, Peter Ross, DRI Facilities Director, provided the Nevada Field Office a rough order of magnitude annual estimate of $325,188 ($7.98 psf) based on November 2019 dollars. This initial estimate appears to be honoring the planned reduction in rent, agreed upon in Supplemental Agreement No. 5, dated October 9, 2003, to GSA’s lease with UCCSN/DRI, which modified Lease Paragraph 31 to state, “Construction Rent. Shall be $70,131.97 per month paid in arrears for the period beginning on June 1, 2003 through April 30, 2023. No Construction Rent shall be paid for months commencing on or after May 1, 2023.

“Additional Fixed Rent. Shall be $1,217.13 per month paid in arrears for the period beginning July 1, 2003 through April 30, 2023. No Additional Fixed Rent shall be paid for months commencing on or after May 1, 2023.”

Therefore, the renewal lease rate will not include the improvements previously paid for by the Government.

For the initial alterations, the Government has been reimbursing the Lessor 100% of the total cost via a portion of the Fixed Interest & Bond Retirement fee stated above. Any additional tenant improvements, as built by the Lessor and reimbursed by the Government, were not included in the aforementioned values. The Lease stipulates that the improvements remain the property of the Government until abandoned, affirmatively transferred to the Lessor, or removed.

While atypical in privately or corporately owned commercial facilities, rent reductions due to satisfying the primary debt service in governmental or quasi-governmental facilities is considered relatively normal. Given that the Subject Property is owned by a state entity and all debt service is planned to be satisfied by April 30, 2023, this upcoming succeeding lease’s rental payments will not contain debt service and may not necessarily contain profit. Additionally, Exhibit 7 to the existing lease between GSA and DRI indicate that gas and electric are currently paid separately from the lease rate, and no charges for property taxes.

The average of fully serviced asking rates inside the delineated area is $34.64 per square foot per year (Table 4). The average asking rate for NNN leases is $17.04 (Table 5), indicating operating expenses for similar quality improvements may cost $17.60 psf ($34.64 - $17.04 = $17.60). This $17.60 cannot be completely itemized within the scope of this Market Survey; however, the typical expenses can be listed as the following:

water, sewer, refuse collection, electricity, natural gas, common area maintenance (CAM), property taxes, insurance, HVAC maintenance, janitorial service, interior maintenance, and parking. By applying these typical expenses to the definition of “operating expenses”, costs for electricity, natural gas, and property taxes are likely embedded into the $17.60.

The previously mentioned FIMS pull (Table 3) indicates that the Las Vegas average cost per square foot for electricity is $1.35 and gas is $0.05. The average tax rate is $1.18 per square foot (Table 5). Subtracting these costs from $17.60 gives more of an apples-to-apples comparison to the Subject Property ($17.60 - $1.35

- $0.05 - $1.18 = $15.02).

Ranges are calculated as follows:

High Range: $37.20 FS lease - $12.00 NNN Lease = $25.20 - $1.59 electricity - $0.10 gas - $1.56 tax = $21.95 psf

Low Range: $33.60 FS lease - $20.40 NNN Lease = $13.20 - $1.22 electricity - $0.03 gas - $0.77 tax = $11.18 psf

CONCLUSION

Considering the data and analysis set out above, the appropriate unit of rental value factor for the Subject Property is between $11.18 per square foot and $37.20 per square foot. Or $15.02 average per square foot per year.

APPENDICIES

Enclosure 1: Letter of Map Revision (LOMR) Case No. 15-09-1082P, dated October 14, 2015 Enclosure 2: Hughes Center Listing Enclosure 3: 6140-6150 W Lake Mead Blvd Listing Enclosure 4: 7401 W Charleston Blvd Listing Enclosure 5: 8880 West Sunset Road Listing Enclosure 6: 5475 S Decatur Blvd Listing Enclosure 7: 5550 Painted Mirage Rd Listing Enclosure 8: 6140-6150 W Lake Mead Blvd 2022 Tax Summary Enclosure 9: 7401 W Charleston Blvd 2022 Tax Summary Enclosure 10: 8880 West Sunset Road 2022 Tax Summary Enclosure 11: 5475 S Decatur Blvd 2022 Tax Summary Enclosure 12: 5550 Painted Mirage Rd 2022 Tax Summary Enclosure 13: Census Bureau QuickFacts, Las Vegas city, Nevada; United States Enclosure 14: Sources Sought Enclosure 15: Catylist.com Request for Information Enclosure 16: Expression of Interest for 3773 Hughes Center Enclosure 17: Expression of Interest for 3993 Hughes Center Enclosure 18: GSA Inventory of Owned and Leased Properties Enclosure 19: Post Office Listings Enclosure 20: National Register of Historic Places within Delineated Area Enclosure 21: ENERGY STAR© Properties within Delineated Area Enclosure 22: Opportunity Zones within Delineated Area i General Services Administration. (n.d.). Inventory of Owned and Leased Properties. ArcGIS web application. Retrieved November 30, 2021, from https://www.iolp.gsa.gov/iolp/ ii JLL Commercial Properties. (n.d.). United States Postal Service: JLL Properties – US. Retrieved November 30, 2021, from https://property.jll.com/usps iii Peck, J., Crawford, L. (2021). Office market perseveres to brave out the pandemic aftermath in Q2 2021. Las Vegas Office MarketView Q2 2021.

CBRE. https://www.cbre.com/insights/figures/las-vegas-office-marketview-q2-2021 iv Floodplain Management. (May 24, 1977). Executive Order 11988. https://www.archives.gov/federal-register/codification/executive-order/11988.html v Federal space management. (August 16, 1978). Executive Order 12072. https://www.archives.gov/federal-register/codification/executive-order/12072.html vi Public inspection in an electronic format and policy on contractor records, 10 CFR 1004.3 (2016). https://www.govinfo.gov/content/pkg/CFR-2016-title10-vol4/xml/CFR-2016-title10-vol4-sec1004-3.xml vii NNSA/NFO, DRI, and NTSHF (2004, April). Memorandum of Understanding (MOU).

viii Marshall & Swift® Valuation Service Cost Manual. (2011, November). Los Angeles, California: Marshall & Swift/Boeckh, LLC.

ix Clark County Treasurer. (n.d.). Property Account Inquiry. Retrieved February 8, 2022, from https://trweb.co.clark.nv.us/ x The Rural Development Act of 1972, as amended, 7 U.S.C. 2204b-1. (1972). https://www.govinfo.gov/content/pkg/USCODE-2020-title7/pdf/USCODE- 2020-title7-chap55-sec2204b-1.pdf xi U.S. Department of Commerce. (n.d.). QuickFacts. Las Vegas city, Nevada; United States. Retrieved January 20, 2022, from https://www.census.gov/quickfacts/fact/table/lasvegascitynevada,US/PST045219 xii Rural Areas, 41 CFR 102–83.50 et. seq. (2020). https://www.govinfo.gov/content/pkg/CFR-2020-title41-vol3/pdf/CFR-2020-title41-vol3-sec102-83- 50.pdf xiii Targeting Opportunity Zones and Other Distressed Communities for Federal Site Locations. (August 24, 2020). Executive Order 13946.

https://www.govinfo.gov/content/pkg/FR-2020-08-27/pdf/2020-19032.pdf xiv National Park Service. (n.d.). National Register of Historic Places. Retrieved November 30, 2021, from https://npgallery.nps.gov/NRHP xv Leasing, 42 U.S.C. 17091. (2007). https://www.govinfo.gov/content/pkg/USCODE-2020-title42/pdf/USCODE-2020-title42-chap152-subchapIII-partC-sec17091.pdf xvi Energy Star. (n.d.). ENERGY STAR Certified Building and Plant Locator. Retrieved November 30, 2021, from https://www.energystar.gov/buildings/reference/find-energy-star-certified-buildings-and-plants/registry-energy-star-certified-buildings xvii Establishing the White House Opportunity and Revitalization Council. (December 12, 2018) Executive Order 13853.

https://www.govinfo.gov/content/pkg/FR-2018-12-18/pdf/2018-27515.pdf xviii Opportunity Now. (n.d.). Map of Opportunity Zones. ArcGIS web application. Retrieved February 11, 2022, from https://opportunityzones.hud.gov/resources/map