LAS VEGAS — Blackstone Real Estate Partners VII has purchased the Hughes Center, a 1.4-million-square-foot office and retail campus in Las Vegas, for $347 million. The 68-acre, master-planned development is located at 370 Hughes Center Drive.
The acquisition includes Class A office space, several restaurants and three undeveloped parcels. Notable tenants at the center include Gordon Silver, Ameristar, Wells Fargo Bank, Venetian, Boyd Gaming, Snell & Wilmer, Lewis and Roca, LLP, as well as restaurants like Del Frisco’s, Lawry's Prime Rib, Fogo de Chao, Bahama Breeze, Gordon Biersch Brewery and McCormick & Schmick. A new Starbucks is under construction.
Equity Office, a wholly owned affiliate of Blackstone, will handle the center’s management operations and oversee its leasing efforts. Colliers International, which previously handled the center’s leasing, has be retained by Equity Office. Blackstone represented itself in this transaction, while the undisclosed seller was represented by HFF’s Mark Gibson, Scott Galloway and Dan Cashdan.