A new office building project, Halo Tower, is set to rise in the Las Vegas suburbs, spearheaded by real estate investor Ofir Hagay. The eight-floor, 210,000-square-foot office building is planned near The Bend retail complex on Sunset Road, close to the 215 Beltway. Despite no building permits yet issued, Clark County commissioners have approved the project, and construction is targeted to start early next year. The development is projected to cost over $130 million and will include an adjacent parking garage.
Hagay’s partners in this high-end project are New York real estate broker Keith Kantrowitz and Ryan Tedder, frontman of OneRepublic. The project’s name, Halo Tower, is inspired by the hit single “Halo,” co-written by Tedder for Beyoncé.
While new office developments have slowed in Southern Nevada due to high vacancy rates and economic uncertainties, Las Vegas maintains a relatively lower office vacancy rate compared to other major cities. In the second quarter, Las Vegas had a 12.2% direct office-vacancy rate, significantly lower than cities like Los Angeles and Chicago.
Hagay acquired the 4.2-acre site for Halo Tower in 2022 for over $6 million. The project received a two-year extension from the county commission in May. According to Hagay, he has collaborated with Kantrowitz and Tedder in previous ventures, including selling them an office building in Las Vegas.
Tedder, beyond his music career, has invested in multiple commercial properties in Southern Nevada, often partnering with other industry figures like The Chainsmokers. His investment strategy focuses on factors like population and income growth, aiming for strategic property acquisitions. Tedder’s involvement in real estate provides him with a stable income stream, distinct from his music earnings.