University Medical Center of Southern Nevada
Board of Hospital Trustees
AGENDA ITEM
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Petitioner: |
Mason Van Houweling, Chief Executive Officer |
Recommendation:
title
Approve the Lease Agreement with Verlaine, LLC for real property at 10195 W. Twain Ave, Las Vegas, NV 89149; authorize the Chief Executive Officer to sign the Lease Agreement; or take other action as appropriate. (For possible action)
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FISCAL IMPACT:
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Fund #: |
5420.000 |
Fund Name: |
UMC Operating Fund |
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Fund Center: |
300099900 |
Funded PGM/Grant: |
N/A |
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Amount: |
Base Rent: $3.55 per sq. ft.; $252,873.60 for year 1 with six (6) months’ rent abatement; annual rent increase of three percent (3%) Adjustments: $0.52/month per square foot; annual cap of 10% for subsequent years |
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Description: |
Lease Agreement - 10195 W. Twain Ave, Las Vegas, NV 89149 |
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Additional Comments: |
Term: 10 years with the option to extend the Lease for two (2) additional five (5) year periods |
BACKGROUND:
This request is to approve a new Lease Agreement with Verlaine, LLC (Landlord) to lease approximately 11,872 sq. ft. of rentable space at 10195 W. Twain Ave., Las Vegas, Nevada 89149. UMC will receive rent abatement for six (6) months in year 1 of the Lease Term, a savings of approximately $252,873.60. The monthly rent resumes at $42,145.60 per month for the remainder of year 1, plus adjustments (taxes, insurances and common area maintenance charges) for the first year. UMC’s adjustments, composed of taxes, insurance, CAM, and maintenance charges, shall not exceed $0.52 per square foot, per month, for the first Lease year. For each anniversary of the Lease Term, such amount shall not increase by more than 10% from the preceding year.
The Lease Term is for ten (10) years, effective on the Lease Commencement Date, with the option to renew for two (2), five (5)-year periods. UMC has a right of first offer to purchase the building should the Landlord offer or market it for sale to third parties. UMC’s Executive Director for Support Services has reviewed and recommends approval of this Lease Agreement. UMC’s Office of General Counsel has approved the Lease Agreement as to form.
This Agreement was reviewed by the Governing Board at its October 28, 2026, meeting and recommended for approval by the Board of Hospital Trustees.