(LAS VEGAS) – Hines, the international real estate firm, announced today that along with a fund managed by Oaktree Capital Management, L.P. (“Oaktree”), it has acquired 2500 N. Buffalo Drive, a two-story office building totaling 87,095 square feet on 7.3 acres in Las Vegas. Financials on the deal were not disclosed.
The property is located one mile west of US-95 and just north of Summerlin Parkway. The project is immediately adjacent to the 22,500 acre master-planned community of Summerlin, generally considered one of the most desirable areas to live and work in Las Vegas. 2500 N. Buffalo offers a convenient location, efficient rectangular floor plates, and a seven per thousand parking ratio.
Completed in 2002, the property is 49 percent leased to Nevada Title Company.
Hines Director Brett Norton said, “We are excited about this opportunity to acquire 2500 N. Buffalo, which is ideally suited for professional service, large call center, and corporate headquarters users. This asset is an excellent addition to the Hines Las Vegas portfolio.”
Oaktree is a leader among global investment managers specializing in alternative investments, with $97 billion in assets under management as of December 31, 2015. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 17 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 182 cities in 20 countries. Hines has $89.1 billion of assets under management, including $42.5 billion for which Hines provides fiduciary investment management services, and $46.6 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,126 properties, totaling over 351 million square feet. The firm’s current property and asset management portfolio includes 457 properties, representing over 193 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.