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10/07/16
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Griffin Capital Essential Asset REIT II Inc recently closed on the purchase of a 222.3k sf, Las Vegas office property fully leased to IGT and guaranteed by the tenant’s parent company, International Game Technology PLC. Griffin purchased the building, located at6355 South Buffalo Drive, from Panattoni Development Company for $66.5 mil ($299/sf).
IGT has occupied the three-story, Claas A facility since it was constructed as a build-to-suit in 2008. In November 2015, the tenant executed a 15-year NNN lease and is utilizing the property as its North American Gaming and Interactive Headquarters.
International Game Technology PLC is the world’s largest developer of technology-based products and services and associated content for worldwide gaming and lottery markets. The property is home to the key executives of the firm’s North American Gaming and Interactive business unit, including the business unit’s CEO, as well as the company’s engineering and sales staff. The critical operating functions performed at the property include engineering, sales, corporate communications, and software development.
Located in the burgeoning Southwest submarket within close proximity to the major freeway network (215 Beltway and Interstate 15), the property offers the tenant access to Las Vegas’ talented labor pool that is well versed in both gaming hardware and software.
The seller was represented by The Shannon Team of Newmark Grubb Knight Frank and CBRE.
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