Blackstone purchases the Hughes Center complex in Las Vegas
One of the largest office owners in the United States, the Blackstone Group, recently purchased another property, specifically the Hughes Center complex located in Las Vegas, NV. The said purchase was worth USD347 million and is a clear example of Blackstone betting on the future development of the Nevada economy.
The said acquisition was confirmed by two individuals with knowledge over the transaction, who sought anonymity as the matter was deemed private in nature. The acquisition though had been completed today and Blackstone had bought the property from its owner Crescent Real Estate Holdings LLC. Crescent is a joint venture between Barclays Plc's Capital unit and Goff Capital Partners LP, who is based out of Fort Worth, TX.
The purchased property measures about 1.5 million square feet or 139,950 square meters. The property includes an office space, a hotel, a number of restaurants as well as corporate residential facilities sitting on 68 acres of land. The Las Vegas Sun published a news report on the deal that was also published on the website of Blackstone's Equity office unit.