Las Vegas Office Purchase Boosts Hines’ Portfolio
- Apr 27, 2016
Las Vegas–International real estate firm Hines recently completed the addition of a Las Vegas-area office property to its portfolio. The company made the purchase along with a fund managed by Oaktree Capital Management, its frequent acquisition partner, for an undisclosed amount.
Located at 2500 N. Buffalo Drive in Las Vegas, the 2002-built office asset offers 87,095 square feet of net rentable space, in one of the most important submarkets in the Las Vegas metro. Built 14 years ago, the office complex only has Nevada Title Co. on its tenant roster, with roughly 51 percent of the available space still unoccupied.
The office property is located on a 7.3-acre lot in the immediate vicinity of the master-planned Summerlin community. The 22,500-acre community is adding housing, as well as retail and office space, transforming the area into a new live-work-play environment in the MSA.
According to Hines Director Brett Norton, the company has identified the property as carrying potential for “professional service, call center, and corporate headquarters users.“ With the Las Vegas job market outperforming the nation, there are signs that the asset will likely improve in terms of occupancy during the coming months.
Image courtesy of hines.com