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9/23/13
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In a major Vegas office buy, Blackstone Real Estate Partners VII has purchased Hughes Center, a 1.4 msf, master-planned office campus, for $347 mil. The acquisition consists of 1.35 msf of Class A office space, several restaurants and three undeveloped parcels over 68 acres.
The investment marks the continuation of Blackstone’s investment strategy to acquire high quality assets in select submarkets. Equity Office, a wholly-owned affiliate of Blackstone, will handle management operations and oversee leasing for Hughes Center.
Hughes Center was sold by Crescent Real Estate Equities, a joint venture of Barclays Capital and Fort Worth, TX-based Goff Capital Partners LP, who acquired the asset in 2004. The campus was developed by The Howard Hughes Corporation. It is bordered by Sands Ave on the north, Flamingo Rd on the south, Paradise Rd on the east and Koval Lane on the west.
Hughes Center is home to several major tenants, including Gordon Silver, Ameristar, Wells Fargo Bank, Venetian, Boyd Gaming, Snell & Wilmer, and Lewis and Roca, LLP. The project also includes several restaurants: Del Frisco’s, Lawry's Prime Rib, Fogo de Chao, Bahama Breeze, Gordon Biersch Brewery and McCormick & Schmick. A new Starbucks is under construction.
The seller was represented by Mark Gibson, Scott Galloway and Dan Cashdan of HFF. Blackstone repped itself in the deal. Colliers International, which handled leasing for Hughes Center prior to the transaction, will be retained by Equity Office.
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