Summa Corporation Corporate Profile, 1993

B U I L D I N G ON T R A D I T I O N C O R P O R A T E P R O F I L E S U M M A C O R P O R A T I O N TABLE OF CONTENTS THE BEGINNINGS HOLLYWOOD AVIATION D I V E R S I F I C A T I ON AND TRANSITION TODAY: B U I L D I N G ON TRADITION FRONT COVER PHOTO: HOWARD HUGHES, 1947 THREE THE SHARP-HUGHES TOOL COMPANY, HOUSTON, TEXAS (CIRCA 1910) It all began with a marvelous invention. On August 10,1909, wildcatter Howard Robard Hughes, Sr. was granted two U.S. patents on a drilling bit that would revolu-tionize the oil industry and provide the cor-nerstone for his son's empire. With the ingenious Hughes rock bit, oilmen could for the first time penetrate the thick rock formations that all too often had kept them from reaching the richest oil deposits. Hughes Sr. and his partner, Walter Sharp, formed the Sharp-Hughes Tool Company and began leasing their bit to oilmen across the nation. The Company was formally incorporated in 1913, and within two years, Howard Hughes, Sr. had acquired 100 percent ownership. On February 3, 1915, the name was changed HUGHES, THE TINKERER, WAS ALWAYS FASCINATED WITH MACHINERY HOWARD R. HUGHES, SR. (CIRCA 1910) THE SHARP-HUGHES TOOL COMPANY, HOUSTON, TEXAS 1910 THE ORIGINAL DRILL BIT THAT LAUNCHED THE HUGHES FORTUNE HUGHES EXAMINING DRILL BITS DURING TOOL COMPANY TOUR IN 1930'S to the Hughes Tool Company, a name that would become synonymous with the Howard Hughes legend for six decades. Howard Hughes, Jr. was born in Hous-ton on Christmas Eve, 1905. A tinkerer like his father, young Howard was a shy, with-drawn boy with little interest in school. His family's ever increasing wealth allowed him to attend some of the nation's finest private schools but he was, for the most part, an uninspired student. When he was 17 and attending a prep school near Santa Barbara, California, he was stunned to learn his mother had died suddenly and unexpectedly following complications from minor surgery. Allene Hughes was 39 years old at the time of her death. Less than SHY AND RETIRING EVEN AS A TEENAGER, HUGHES WAS AN UNINSPIRED STUDENT HUGHES ROCK BIT REVOLUTIONIZES OIL WELL DRILLING HOWARD HUGHES, AGE 6, WITH HIS MOTHER HUGHES TOOL COMPANY, HEADQUARTERED IN HOUSTON, TEXAS > HUGHES AND HIS CLASSMATES AT FESSENDEN SCHOOL IN 1921 THE FOUNDATION OF THE EMPIRE, THE FAMOUS HUGHES DRILL BIT two years later, Hughes Sr. would die of a heart attack at the age of 54. With both parents struck down, it appeared fate had conspired to make the shy young Howard Jr. one of the world's wealthiest teenagers. Displaying determination and acumen not previously seen by those who knew him, Hughes began immediately to per-suade his relatives to sell to him the 25 percent of the Hughes Tool Company he had not acquired through his inheritance. Within six months of his father's death, he was successful in obtaining 100 percent ownership. The last obstacle to achieving full control was overcome when he was declared an adult by the courts two days after his 19th birthday. The stage was now set for the young millionaire to make his mark on the world. It was 1924. THE HUGHES DRILL BIT DOMINATED THE US MARKET BY THE 1?50'S, THE HUGHES DRILL BIT DOMINATES WORLD MARKET A ONE-TIME CHAMPION, HUGHES DISPLAYS PERFECT FORM HOLLYWOOD The young Hughes chose not to involve himself in the day-to-day operations of the Hughes Tool Company and instead took an uncharacteristic sabbatical to consider his options and opportunities. He tinkered with a steam-powered car, played golf and courted and married Ella Rice, a wealthy Houston socialite. In 1925, Howard and his newbride moved to California where he planned to try his hand at making motion pictures. Movie making was not as easy as it appeared to be and Hughes' first attempt was a dismal failure. Undeterred, he applied the lessons he had learned to his second production, a comedy that realized a small profit and caught the attention of some of Hollywood's established directors. In 1926, he teamed with the well-known director, Lewis Milestone, to produce another com-edy entitled "Two Arabian Knights." The film was an overwhelming box office hit and Hughes' director, Milestone, received an Academy Award. It was just the second year the awards were presented. Now Hughes was ready to become more than the "money man behind the scenes. He was eager to take an active role in his next film, an epic that would revolve around his newest interest?flying. The movie was "Hell's Angels," an epic adventure not about motorcycle outlaws but about pilots of the Royal Air Force. Following disagreements with two directors, Hughes decided to assign that all-important task to the one person in HUGHES, THE whom he had complete confidence. That DIRECTOR, ON THE person was Howard Hughes. SET OF"THE With the almost demonic attention to OUTLAW" detail and demand for absolute realism that would become his trademarks, Hughes searched throughout Europe for World War I fighter planes, eventually buying or leasing enough aircraft to assemble the largest private air force in the world. Shunning the advice of stunt pilots hired for the film, he elected to fly one of the EIGHT vintage planes himself and nearly paid with his life. He was pulled from the wreckage following an out-of-control dive into the earth. In spite of serious injuries, Hughes was back on the set within weeks directing his masterpiece. The premier of "Hell's Angels was repeatedly delayed because of Hughes' demands for absolute perfection. When with dialogue and hiring a young un-known named Jean Harlow as his new leading lady. And when the film was finally released in June 1930?at a staggering cost of nearly $4 million?it was acclaimed as one of the best action films of all time. The movie s dramatic "dogfights" are still recog-nized as some of the most realistic aerial warfare scenes ever captured on film. The success of "Hell's Angels" made the shy, handsome 26-year old Hughes one of the most sought after celebrities in the film colony. He also had become one of Holly- ERROL FLYNN CHARMS HELEN GILBERT AS THE ? BASHFUL HUGHES HUGHES REVIEWS AERIAL COMBAT SCENES WITH STUNT PILOT ON SET OF ' H E L L ' S ANGELS' talking pictures were introduced to the public while his film was still in production, Hughes responded by reshooting all scenes THE DASHING HUGHES AT HUGHES' FIRST FILM STARLET AND FRIEND OF A PREMIER WAS A FLOP, HIS SECOND HUGHES, BETTE DAVIS A SUCCESS NINE HUGHES' FLAIR FOR PUBLIC RELATIONS WAS EVIDENT AT THE PREMIERE OF "THE OUTLAW' wood's most eligible young men when his wife left him during the marathon produc-tion of his epic. Soon he was romantically linked with the most beautiful actresses of the era, including Billie Dove, Carole Lom-bard, Jean Harlow, Ida Lupino and Katha-rine Hepburn. And he was the frequent houseguest of Hollywood's elite, including Charles Chaplin, Mary Pickford, Douglas Fairbanks and William Randolph Hearst. Hughes went on to produce scores of films after "Hell's Angels," but chose, in nearly all cases, to hire talented directors rather than direct himself. Howard Hawks was hired to direct the classic gangster film, "Scarface," a box office triumph in spite of censorship problems prompted by the film's "excessive violence." Perhaps the most notorious Hughes film was "The Outlaw," released in 1946 and starring the buxom Jane Russell. Con-sidered mild by today's standards, "The Outlaw" was attacked by censors for its blatant sensuality. The master marketer Hughes withheld the film from public release for four years, building public interest to assure the record audiences which did indeed flock to the theaters. Even as his interests turned elsewhere, Hughes continued his involvement in the motion picture industry. He acquired con-trol of RKO Pictures in 1948 and produced films until he sold the Company for $25 million in 1955. MANY HUGHES FILMS WERE EPICS HUGHES WITH AVA GARDNER, 1946 5 HUGHES GAINED WORKING CONTROL OF RKO STUDIOS IN 1948 ELEVEN AVIATION PILOT POSES WITH THE NORTHROP If film was one of Howard Hughes' great loves, aviation was his obsession. To view the earth from the cockpit of an airplane was, for him, one of life's most exhilarating experiences. In the early 1930's, he began to actively pursue that interest with the purchase of a small Army Air Corps racer which he redesigned to attain greater speed. Hughes leased a small hangar and hired a crew of designers and mechanics to remodel the plane. As operations grew, he formed the Hughes Aircraft Company, des-tined to become one of the largest defense contractors in the nation. And when he won his first air race with his redesigned Army Air Corps plane, he decided to take the next logical step?to design and build the fastest plane in the world. It was to be called the H-l Racer. The H-l was built for speed. And speed was what it delivered when Hughes set the land-speed record of 352 miles per hour in 1935. Spurred on to still bolder challenges, he set the coast-to-coast record of seven hours and twenty-eight minutes in January of 1937 and was named Aviator of the Year. This was the first of many aviation awards he was to receive during his lifetime. Howard Hughes was now a household name, recognized as both a daring pilot and an innovative designer of aircraft. Now the only remaining record of interest to him was the record for an around-the-world flight. In 1938 he claimed that record as well, circumnavigating the globe in a little over three days and nineteen hours. With this feat he became the most famous avia-tor in America. Hughes did not rest on the laurels he earned as a pilot. In 1939 he began acqui-sition of controlling interest in Trans World Airlines which he would sell 27 years later for $546 million. In 1940 he HUGHES WITH BOEING P-12-B (1933) IN A BEET FIELD AFTER 1935 CRASH THE RECORD-SETTING 1938 FLIGHT T W E L V E established the Hughes Aircraft Company Division to conduct research and pursue government contracts in aircraft and radio communications. During this period, the Company devel-oped the D-2, the model for the XF-11 photo reconnaissance aircraft in which Hughes served as test pilot?and in which he nearly lost his life. On July 8,1946, the XF-11 piloted by Hughes crashed during its test flight. Critically injured, Hughes recovered to successfully test another version of the same aircraft less than a year later. Hughes' company also was awarded the contract to build what would become the most controversial plane in history?the Hercules flying boat to transport combat troops across the ocean. Dubbed the "Spruce Goose," a name detested by Hughes, the huge wooden seaplane had a wing span longer than a football field and weighed 200 tons. It was flown only once. Irritated by ongoing Senate criticism of the giant aircraft, Hughes test flew the Hercules 70 feet above the waters of Long Beach Harbor on November 2, 1947. The Company later acquired the plane which is now on exhibit in McMinnville, Oregon. A lesser known but highly successful project was the development and manufac-ture of the continuous chain link feeder and booster motor for 20 mm machine guns. The Hughes feeders became the standard on U.S. bombers flown during World War II. The Company also devel-oped fire control radar for use on fighter planes in the late 1940 s and the wire con- HUGHES DEPLANES AFTER SETTING A NEW COAST-TO-COAST RECORD IN 1937 HUGHES AND HIS THE SPRUCE GOOSE'S AIRCRAFT DIVISION RECORD-SETTING RACER ONLY FLIGHT IN 1947 EMBLEM OF HUGHES TOOL COMPANY SYMBOLIZES HUGHES' MANY RECORD-THIRTEEN WITH HUGHES AT THE CONTROLS, THE LOCKHEED 14 LEAVES NEW YORK ON ITS RECORD-BREAKING TRIP AROUND THE WORLD trolled Falcon missile in the early 1950 s. The latter spurred the growth of the Hughes Aircraft Company. And expansion into helicopter research and development led to the creation of Hughes Helicopters, later to become a principal supplier of helicopters for both military and com-mercial use. Aviation related acquisitions continued as Hughes bought Air West Airlines in 1970, renaming it Hughes Airwest. The Company already had acquired the fixed base operation and charter terminal at Las Vegas' McCarran Airport as well as North Las Vegas Airport in 1967. Particularly when it came to aviation, Howard Hughes was a visionary. But even he must have been surprised and perhaps even astounded at the impact his com-pany had on space exploration. The 1965 Hughes Early Bird was the first communi-cations satellite ever launched for commer-cial use. And in 1966, the first soft landing on the moon was made by the Hughes Surveyor spacecraft. Fitting tributes to one of aviation's pioneers. HUGHES ACKNOWLEDGES ACCOLADES AFTER BEING NAMED 'AVIATOR OF THE YEAR" 1965 EARLY BIRD SATELLITE HUGHES SURVEYOR SPACECRAFT MAKES FIRST SOFT LANDING ON THE MOON, 1966 HUGHES HELICOPTERS BEGAN PRODUCTION OF THE APACHE IN THE EARLY 1980 S D I V E R S I F I C A T I O N AND TRANS Always shy and reclusive by nature, Howard Hughes began to withdraw from the public limelight as early as the mid-1950 s. But he continued to make his presence felt even as he withdrew. In 1953, ownership of Hughes Aircraft Company was transferred to the newly formed Howard Hughes Medical Institute, a charitable organization formed to promote medical research and educa-tion. Boosted by the sale of Hughes Aircraft Company to General Motors in 1985 for more than $5 billion, the insti-tute is currently the largest privately endowed medical research organization in the world. Increasingly Hughes conducted his business through intermediaries, further promoting, albeit unconsciously, the Hughes mystique. He and his second wife, actress Jean Peters, resided in California but were frequently apart. He was now very much set in his hermit-like ways. He also became periodically disenchanted with California as a home base and began to eye more suitable TEEN T I O N sites from which he could manage his complex operations while preserving his own jealously guarded privacy. In 1966 he moved to Las Vegas and established residence in the top floor of the Desert Inn Hotel. When Howard Hughes arrived in Las THE LAS VEGAS Vegas, it was at a low economic point in that THAT GREETED city's brief history. Real estate values were HUGHES IN 1966 in a slump and the city's image as a "sinful, gambling town" was of considerable concern to its citizens. Indeed, many residents credit Hughes, who began purchasing properties along the famous "Strip" and near both of the city's airports, with saving Las Vegas from economic disaster. It is a little known fact that one of Hughes' first acquisitions in Las Vegas was prompted by an unexpected and highly unusual turn of events: he was served with an eviction notice by the owners of the Desert Inn. It seems the billionaire and his staff were occupying space that could be more profitably occupied by out-of-town visitors who would spend money in the HUGHES' NEW HOME IN 1966 HUGHES ACQUIRES THE FRONTIER HOTEL AND CASINO IN 1967 NEVADA, THE SILVER STATE I f i i i l K l A SOMBER HUGHES WEARING THE EVER-PRESENT FEDORA S I X hotel's casino. Faced with eviction, Hughes responded in a characteristic manner. He opened negotiations to acquire the hotel. On April 1, 1967, the operations of the Desert Inn Hotel and Casino were turned over to Hughes. Now 61, he was entering a whole new field of business totally separate from his film and aviation interests. And he v/as to pioneer multiple ownership of gaming properties just as he had earlier pioneered innovations in those industries. Acquisitions became the order of the day as Hughes moved quickly to buy up five more Las Vegas hotels and casinos along with two others in Reno and Freeport, Grand Bahamas. At the same time he began adding to his already impressive real estate holdings by purchasing numerous other Las Vegas properties, virtually absorbing the E E N entire inventory of unimproved real estate then overhanging and depressing the city's glutted real estate market. Since the early 1950's, he had owned an impressive 25,000-acre parcel of land west of Las Vegas. In addition, he had previously acquired major real estate holdings in California and Arizona. Hughes had become one of the largest landholders in the United States. Real estate, however, was but one part of the Hughes portfolio. Gold and silver mining properties in the West were bought as well. During this period, the Company attempted, and failed, to gain control of the American Broadcasting Company but did acquire what was to become the Hughes Sports Network, the first network to tele-cast PGA golf. And Las Vegas television station KLAS became a company property along with, of course, the airline to be renamed Hughes Airwest. His company's activities in the late 1960s and early 1970 s tended to obscure the fact that Hughes himself had become a sick man. In failing health and increasingly isolated by his self-imposed hermitage, he had HUGHES BUYS THE SILVER SLIPPER IN 1967, HIS THIRD CASINO MANY LAS VEGAS RESIDENTS CREDITED HUGHES WITH SAVING THE CITY FROM ECONOMIC DISASTER HUGHES BUYS THE CASTAWAYS HOTEL AND CASINO IN 1967 SEVENTEEN essentially delegated responsibility for management of his vast holdings to others by his own default. Much to Hughes' regret, a series of business reversals during this period necessitated the sale of the tool company which had provided the very foundation for his empire. Divorced again, Hughes continued to isolate himself from the rest of the world as he took up residence in first one country, then another. On April 5, 1976, while enroute from Acapulco, Mexico to Houston, Texas, the famed industrialist died of kidney failure. Fittingly, he died aboard an airplane. Howard Hughes was 70 years old when he died. He left behind an incredibly complex organization made up of 26 oper-ating companies involved in 16 different lines of business. It would be the task of the Estate's Administrators to identify and maintain the businesses that were econom-ically viable and dispose in an orderly manner of those that were not. Because Hughes did not leave a will, this process was slowed considerably as the courts sought to determine legal ownership. Although the Administrators, guided by Hughes' first cousin, William Rice Lummis, worked diligently through the years to dispose of surplus properties and businesses that were draining the Company of its reserves, it was not until 1984 that a major breakthrough occurred. On January 6,1984, Hughes Helicopters was sold to McDonnell Douglas for nearly one-half billion dollars and the profit from the transaction was used to settle the Estate's death taxes. Even then, the thoughtful and orderly divestment of non-viable properties would take several more years to complete. The process would not be finished until nearly 14 years after Howard Hughes' death. HUGHES SETS UP RESIDENCE IN THE TOP FLOOR OF THE DESERT INN IN 1966 HUGHES PURCHASES KLAS-TV IN 1967 THE HUGHES SPORTS NETWORK WAS THE FIRST TO TELECAST PGA GOLF HUGHES ACQUIRES GOLD AND SILVER MINING INTERESTS IN 1969 TODAY THE FIRST INTERSTATE BANK TOWER IN HUGHES CENTER IS HEADQUARTERS FOR SUMMA CORPORATION BUILDING ON T R A D I T In 1973, the Hughes empire was renamed Summa Corporation. But the Summa Corporation of today is no longer involved with helicopters or casinos or airlines or motion picture companies. The business of today's Summa is exclusively real estate. In fact, the Company is ranked among the most successful regional real estate invest-ment and development companies in North America. When Howard Hughes died in 1976, 49,000 acres of real estate were inventoried among his impressive holdings. After the thoughtful and timely disposition of all but the most valuable properties, Summa now owns approximately 23,000 acres in Nevada and Southern California where the Company has targeted its development plans. Evident in each and every one of Summa's properties is the Company's commitment to building long-term value. The accumulation of success stories across the Summa portfolio of proper- I O N ties confirms the soundness of this deep-seated philosophy. S U M M E R L I N By far the largest of Summa properties is the award-winning, master-planned com-munity of Summerlin located on the west side of booming Las Vegas, Nevada. Named after Howard Hughes' grandmother, Summerlin incorporates the very best of MANY SUMMERLIN HOMESITES BORDER ON THE COMMUNITY'S EXCLUSIVE PGA TOURNAMENT PLAYERS CLUB GOLF COURSE LONG-TERM PLANS INCLUDE RESPECT FOR THE ENVIRONMENT THE HUGHES EMPIRE IS NOW ENTIRELY REAL ESTATE SUMMERLIN, THE 22,500-ACRE COMMUNITY, WAS NAMED AFTER HUGHES' GRANDMOTHER S U M M E R L I N TWENTY ONE OF THE MOST POPULAR AMENITIES AT THE IPC AT SUMMERLIN IS THE ELEGANT TENNIS AND SWIM PAVILION planning, design and quality construction in a 22,500-acre community that, upon completion, will be home to some 160,000 residents. Extending northwest from Las Vegas to the foot of the rugged Red Rock Mountains, Summerlin is easily one of the largest single-ownership properties adja-cent to a major metropolitan center in the nation. It also is one of the most successful, exceeding even the high expectations of Summa planners. In just a few short years Summerlin has displaced all comp-etition to become the best selling master-planned community in the nation. Summerlin is being developed in phases over a 20-25 year period, ultimately filling RUNNING THE PUEBLO VILLAGE, THIS 68 ACRE PARK PROVIDES A NATURAL SETTING FOR CHILDREN AND BIKE PATHS AND TRAILS ARE AMONG THE MANY RECREATIONAL OPPORTUNITIES AT SUMMERLIN THE TOURNAMENT PLAYERS CLUB AT SUMMERLIN SUMMERLIN VILLAGES OFFER A WIDE VARIETY OF HOMES, NEIGHBORHOODS AND AMENITIES the residential, business and recreational needs of residents in 25 distinct villages planned around a central business core or town center. Linked by trails and parks, the community provides its residents with all the components of quality living, including a wide selection of homes, recreational amenities, cultural and civic centers, office parks, retail centers and both private and public schools. The Hills provides a first-hand look at the principles that guide Summerlin village Y - 0 N E development. The first of the Summerlin villages, it offers a wide variety of single-fam-ily homes, with a twelve and one-half acre community park as an amenity. Two public schools opened in 1993, and the Hebrew Academy, a private school which opened in 1990, will eventually include a full curricu-lum for Kindergarten through 12th grade. Two custom homesite communities in The Hills South are located on or near Summerlin's PGA Tournament Players Club, the only such facility in Nevada. THE PLAZA EAST OFFICE BUILDING IS PART OF THE PLAZA AT SUMMERLIN THE HILLS WAS THE FIRST VILLAGE AT SUMMERLIN, OFFERING SINGLE-FAMILY HOMES AND A COMMUNITY PARK IMPORTED PALM TREES ARE ONE OF SUMMA'S LANDSCAPE SIGNATURE STATEMENTS 1 9 m THE PUEBLO MEDICAL CENTER IS ONE OF THE FIRST COMMERCIAL BUILDINGS AT SUMMERLIN T W E N T Y ? T W 0 IMAGINATIVE ARCHITECTURAL DESIGN AND QUALITY CONSTRUCTION ARE EVIDENT THROUGHOUT SUMMERLIN Nearby is the impressive Summerlin Library and Performing Arts Center. Sites also have been sold for two reli-gious facilities and a day-care facility in the village. Pueblo Park, a unique 68-acre linear park, runs the entire length of The Pueblo village, touching nine of its 15 planned neighborhoods. Like other Summerlin villages, The Pueblo offers an eclectic mix of residences, schools, churches and shop-ping centers?all geared to creating a sense of community and "neighborhood" for residents. The Meadows School, a private preparatory school for grades Kindergarten through 12, is already recognized for its excellence. And in two new villages, The Trails and The Crossing, THE LIBRARY AND PERFORMING ARTS CENTER IS DESTINED TO BECOME SUMMERLIN'S FOCAL POINT FOR MUSIC, ART AND CULTURE PUBLIC AND PRIVATE SCHOOLS AT SUMMERLIN ARE ALREADY RECOGNIZED FOR THEIR EXCELLENCE SUMMERLIN'S LIBRARY AND PERFORMING ARTS CENTER IS IMPRESSIVE THE SUMMERLIN BUSINESS CENTER WILL SOON BECOME A REALITY T W E N T Y - T H R E E a wide range of housing, parks and recreational facilities, along with the Summerlin Business Center, will soon become a reality. Summerlin is served by its own limited-access Summerlin Parkway, placing residents only minutes away from the heart of metropolitan Las Vegas. Just one more amenity of this singular community dedicated to exceptional lifestyle and family living. HUGHES CENTER Hughes Center is a 100-acre master-planned, mixed-use business center located in the high growth corridor of central Las Vegas. Highly visible and easily accessible, the Center is just minutes from the freeway, McCarran International Airport, the Convention Center and the famous Las Vegas Strip. When fully built-out, this exceptional business center will include 1.5 to 2 million square feet of prime office space, comple-mented by nearby hotels, restaurants and apartment complexes. The focal point of Hughes Center is the First Interstate Tower which houses the executive offices of Summa Corporation and First Interstate Bank of Nevada, as well as many of the most prestigious companies in the region. There is a need for quality office space in Las Vegas and Hughes Center is growing to fill that need. As the first buildings began taking shape, it was evident that Summa was developing a planned, HUGHES CENTER IS THE MOST PRESTIGIOUS BUSINESS ADDRESS IN THE GREATER LAS VEGAS AREA RETAIL SHOPPING CENTERS ARE PART OF THE SUMMERLIN MASTER PLAN VILLAGE NEIGHBORHOOD PLANNING INCLUDES SITES FOR PLACES OF WORSHIP THE FIRST INTERSTATE TOWER IN HUGHES CENTER, LAS VEGAS T W E N T Y - F O U R CONTEMPORARY SCULPTURE AND MATURE LANDSCAPING COMBINE TO FORM AN IMPRESSIVE ENTRYWAY TO TWIN OFFICE BUILDINGS IN HUGHES CENTER mixed-use environment that would have broad appeal in the marketplace. Attesting to the overall strength of the Las Vegas market and the Center's quality in design and construction, all Hughes Center buildings are performing excep-tionally well. Linked together by landscaped pedestrian walkways, the structures at Hughes Center have become the prime office locations in the Las Vegas area. HUGHES AIRPORT CENTER The Summa penchant for careful planning is on display at Hughes Airport Center, the 390-acre master-planned business and industrial park in Las Vegas located imme-diately south of McCarran International Airport and near Interstate Highway 15. As Hughes Center has become the office location of choice in Las Vegas, so has Hughes Airport Center become the location of choice for industrial space. The Center provides space accommo-dations for research and development, light manufacturing, warehouse/distribution, low-rise office and build-to-suit users in an attractive, heavily landscaped park-like setting. HUGHES AIRPORT CENTER PROVIDES EFFICIENT OFFICE AND INDUSTRIAL SPACE TO ACCOMMODATE A WIDE RANGE OF TENANT REQUIREMENTS EXCLUSIVE OFFICE BUILDING AT HUGHES CENTER OFFERS PRIME LOCATION LAS VEGAS OFFERS EASY ACCESS TO BUSINESS TRAVELERS TWIN BUILDINGS AT HUGHES CENTER PROVIDE CLASS A OFFICE SPACE HFfffffflffiffl ffflfflfflffl T W E N T Y - F I V E When completed, the Center will offer some five million square feet of buildings, all served by out-of-sight underground utilities. Designation as a U.S. Foreign Trade Zone adds to the Center's appeal and further separates it from its competition in the region. Hughes Airport Center's access to the airport and interstate highway will be enhanced by construction of a major new access road started in 1993. Add in the rail line which traverses the property and the on-site U.S. Postal Service regional distribution center and tenants find they have not one, but a choice of four convenient meth-ods to deliver their products. Well designed industrial space in an attractive, accessible setting. Hughes Airport Center is the premier planned business and industrial park in Southern Nevada. HUGHES CHEYENNE CENTER Planned as an industrial park designed to appeal to more cost-sensitive tenants, the 229-acre master-planned Hughes Cheyenne Center concentrates on building UNIQUE IN THE LAS VEGAS MARKET, HUGHES AIRPORT CENTER IS THE PREMIER PLANNED INDUSTRIAL AND BUSINESS PARK IN SOUTHERN NEVADA HUGHES AIRPORT CENTER IS A 390-ACRE INDUSTRIAL BUSINESS PARK THE REGIONAL POST OFFICE FACILITY IS ON-SITE AT HUGHES AIRPORT CENTER THIS 229-ACRE INDUSTRIAL PARK IS LOCATED NEAR THE NORTH LAS VEGAS AIR TERMINAL HUGHES CHEYENNE CENTER T W E N T Y - S I X structures to user specifications and direct parcel sales to users. Like Hughes Airport Center, HCC is known for its accessibility, located just minutes from the North Las Vegas Air Terminal. Anchored by the west coast distribution center for a major national specialty retail company, the Center provides an attractive alternative to larger industrial tenants interested in a North Las Vegas location. THE FASHION SHOW MALL Developed in a joint venture with The Hahn Company in 1981 and renovated in 1993, the Fashion Show Mall is ranked among the most elegant shopping developments in Las Vegas. The multi-level enclosed regional mall is home to five of the nations's most prestigious department stores...Neiman Marcus, Saks Fifth Avenue, Bullock's, Dillards and Bobinsons-May. These anchor stores are complemented by 139 specialty shops. Located on a spacious 35-acre site, the mall has attracted Las Vegas residents and visiting tourists alike since its debut. Its highly visible location, on the much-traveled and centrally located Las Vegas Strip, continues to be a major factor in The Fashion Show Mall's popularity as a preferred shopping destination. P L A Y A VISTA In California, Summa is developing Playa Vista in a joint venture with Maguire Thomas Partners and JMB Bealty. The sprawling 953-acre mixed-use community in west Los Angeles is one of the largest and most valuable parcels of real estate in an THE FASHION SHOW MALL REDEFINES ELEGANT SHOPPING IN IAS VEGAS RECENTLY RENOVATED MALL OFFERS LUXURY SHOPPING TO LAS VEGAS THE LEAST TERN, ONE OF SEVERAL PROTECTED SPECIES AT PLAYA VISTA THE 70-ACRE MIXED-USE CENTER HAS EXCELLENT VISIBILITY AND DIRECT FREEWAY RAMP ACCESS HOW T W E N T Y - S E V E THE 70-ACRE HOWARD HUGHES CENTER IS PERHAPS THE MOST VISIBLE AND ACCESSIBLE MIXED-USE BUSINESS CENTER IN THE WEST LOS ANGELES AREA urban setting anywhere in the United States. Playa Vista extends generally from the Pacific Ocean to the San Diego Freeway and lies between Marina del Bey and Los Angeles International Airport. The master plan calls for a full range of housing, office, recreational, cultural, employment and commercial opportunities. Upon completion, Playa Vista will contain approximately 13,000 residential units, five million square feet of office space, 595,000 square feet of specialty and neighborhood retail space, 1,050 hotel rooms, and a marina with 840 boat slips. A wide variety of civic and cultural f a c i l i t i e s will round out this all en-compassing community. Consistent with Summa's progressive attitude toward environmental concerns, more than 260 acres on the property will be dedicated to restoration of the Ballona Wetlands and the protection of birds and other wildlife. HOWARD HUGHES CENTER Howard Hughes Center is one of the largest master-planned, mixed-use developments in the prestigious west Los Angeles marketplace. Conveniently located on the San Diego Freeway two miles north of the Los Angeles International Airport, the 70-acre Center offers unparalleled visibility and direct freeway ramp access. The master plan was designed to provide a superior working