Nevada Power signed a 20-year, $79 million lease to occupy the building, a recent Securities and Exchange Commission filing shows. It equals an average monthly rent of $1.13 per square foot.

"This move will both consolidate our current operations and improve our efficiency," said Andrea Smith, a Nevada Power spokeswoman.

The new building will have 135,000 square feet of office space, combining telecommunications and meter reading, truck fleets, warehouse space and training areas. The building is expected to be ready for occupancy in the third quarter. Commerce Construction Co., a Majestic subsidiary, is the project's general contractor and architect; Las Vegas-based SH Architecture is the interior designer.

"We were pleased to structure a building in a way that made sense for Nevada Power," Majestic Realty Vice President Rod Martin said. "This is a modification of a speculative building that is being modified to meet their needs."

The building, which sits on 15 acres, includes an adjacent 15 acres to accommodate a truck fleet as well as future expansion. The cost of the office improvements will total approximately $50 million over the life of the lease, according to the SEC filing. The lease agreement includes renewal options.

The single-story building brings together portions of Nevada Power's operations, personnel and equipment from its branches at 6770 W. Flamingo Road in Spring Valley; 2215 Lone Mountain Road in North Las Vegas; and 227 Water St. in Henderson.

The utility employs roughly 1,774 people in Southern Nevada, and services 826,000 customers .

Tony Illia writes for the Review-Journal's sister publication, the Las Vegas Business Press. He can be reached at tonyillia@aol.com or 303-5699