A big private-equity firm has purchased Las Vegas’ best-known office park.
Equity Office, a subsidiary of Blackstone, said Friday it has bought Hughes Center for $347 million from Barclays. A Blackstone statement said it’s the company’s biggest single investment in the local office market. It probably will be the largest office investment in Las Vegas in 2013.
“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 of 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.”
Equity Office said it will keep on-site staff for a “seamless transition.”
Blackstone is not just invested in local office space. The company has snapped up homes across Southern Nevada to rent as investments. In addition to buying in Las Vegas, Blackstone has purchased homes in Miami, Phoenix, Chicago and Atlanta. By early 2013, the company had spent billions to buy 16,000 homes nationwide.
Now, in the Hughes Center, at Paradise and Flamingo roads, Blackstone owns the city’s most prestigious office address. The 68-acre site has 1.4 million square feet of space, with tenants including Ameristar, Wells Fargo and Boyd Gaming Corp.