An affiliate of the Blackstone Group, Equity Office Properties, announced the acquisition of the Hughes Center complex in Las Vegas, Nevada for $347 million. The property was sold by Crescent Real Estate Holdings LLC, a joint venture of Barclays Plc's Barclays Capital unit and Goff Capital Partners LP, based in Fort Worth, Texas. According to a CoStar report, Blackstone acquired the prominent property for $347 million through its global fund, Blackstone Real Estate Partners VII. HFF, led by the team of Executive Managing Director Mark Gibson, Executive Managing Director Scott Galloway and Senior Managing Director Dan Cashdan, represented the seller. Blackstone was self-represented, according to a Commercial Property Executive article.
"We see this as a tremendous opportunity to add value, both from a market entry standpoint and with our commitment to operate these buildings at the same high level as the balance of the Equity Office portfolio," said Frank Campbell, Managing Director, Southern California for Equity Office. "This acquisition is supported by the financial strength of Blackstone which will position the real estate to perform well as the market improves."
The Hughes Center covers roughly 1.5 million square feet and includes office space, a hotel, restaurants and corporate residential facilities, as well as three undeveloped parcels, according to the Equity Office website. Located along Howard Hughes Parkway between Flamingo Road and Sands Avenue, major tenants at the time of sale included Gordon Silver, Ameristar, Wells Fargo Bank, Venetian, Boyd Gaming, Snell & Wilmer, and Lewis and Roca L.L.P. Restaurants include restaurants Del Frisco's, Lawry's Prime Rib, Fogo de Chao, Bahama Breeze, Gordon Biersch Brewery and McCormick & Schmick.
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