Howard Hughes Announces 180 KSF Las Vegas Campus
- May 03, 2017
The Howard Hughes Corp. has completed a 15-year build-to-suit lease with Aristocrat Technologies Inc., a leading global provider of land-based and online gaming solutions. The deal allows the company to consolidate some of its Las Vegas facilities in a new campus in the Summerlin master-planned community.
Located at the nexus of Hualapai Way and 215 Beltway, the property will encompass two buildings totaling roughly 180,000 square feet. The three-story properties will feature approximately 90,000 square feet each and will boast significant Beltway visibility, allowing Aristocrat to have notable freeway signage. The company will relocate more than 600 employees upon completion of the new campus at year-end 2018. The $45 million project is expected to generate a stabilized yield on cost of approximately nine percent.
“The Aristocrat team evaluated a significant number of options for relocation across the Valley. We are very pleased to be working on this project with The Howard Hughes Corp. as they share our vision for building a best-in-class facility. The location we have selected in Summerlin will enable us to provide our employees and our customers with a world-class facility,” said Aristocrat Executive Vice President & General Counsel Mark Dunn, in a prepared statement.
The Howard Hughes Corp. started developing Summerlin in 1990 and has ranked in the country’s top 10 best-selling, master-planned communities for almost two decades. The property encompasses 22,500 acres with roughly 6,000 gross acres still available to accommodate further growth.
Rendering courtesy of EV&A Architects