Got it for more than a song

paid an average of $187 per square foot for Southern Nevada office properties, the highest amount in years, according to brokerage Colliers International.

Tedder’s building, in Marnell Corporate Center, is 88 percent leased. Tenants include video-game-maker Machine Zone and the Transportation Security Administration, according to DIG founder Chris Dornin.

Dornin said it was interesting when he heard that Tedder was eyeing the property, as you don’t usually hear about “rock stars buying Class A office buildings.”

Tedder, known for such hits as “Apologize” and “Stop and Stare,” is also a Grammy-winning songwriter and producer.

He was unavailable for comment, said Evie Ranscombe, a publicist with Onerepublic’s PR firm, Edge Publicity.

New York broker Keith Kantrowitz, who is part of Tedder’s investment group and handles its transactions,

OFFICE

said in an interview Friday at their new building that the group is under contract on another property in Las Vegas.

The group owns property in New York, New Jersey and Massachusetts, he said, adding that Las Vegas’ population is growing and vacancies have shrunk.

He also said the group’s business model is to buy “low-risk” properties that offer immediate returns.

“This is just a great market,” Kantrowitz said. “We like the growth that we’re seeing in Vegas.”

DIG said it acquired the Via Austi property as part of a three-building portfolio purchase in 2014, when the economy was improving but shakier than it is today, for $39 million total.

A small building in the portfolio was fully occupied, but the other two, including 6750 Via Austi Parkway, were just under 60 percent occupied, Dornin said this week.

In January, Tedder’s group bought a four-story, 105,000-square-foot building at Rainbow Boulevard and Post Road in the southwest valley for $32.35 million, as well as a 2-acre parking lot across the street for $650,000.

That steel-frame, Class A building was fully occupied. But when the seller, WGH Partners, acquired it out of foreclosure after the market crashed, it was less than 10 percent occupied, with one tenant.

Contact Eli Segall at esegall@reviewjournal. com or 702-383-0342. Follow @eli_segall on Twitter.