The Hughes Center has landed a possible buyer.
Logic Commercial Real Estate, the court-appointed receiver for the once-prominent Las Vegas office park, is in “good faith negotiations with a buyer” and expects to seek court approval by late June “to proceed with the potential sale,” according to a filing this month in Clark County District Court.
A purchase and sale agreement was signed on April 1, and due diligence has started, the filing shows.
Tyson Hafen, an attorney for the receiver, also said at a court hearing this month that the Hughes Center is under a purchase contract with a prospective buyer, court minutes show.
Court records do not show who the buyer is, or how much they may pay for the site.
Brokerage firm CBRE Group, which announced last fall that it was hired to find a buyer for the office park, said Wednesday that it did not have anything to add at this time.
$347M deal
If the Hughes Center trades hands, it would mark a new chapter for a sprawling business park that was once widely viewed as Las Vegas’ premier office district but is now laced with vacancies.
According to the recent filing in District Court, the Hughes Center has nearly 1.4 million square feet of office space — and 61.3 percent of this was vacant.
It also has around 98,000 square feet of retail space, which was fully occupied.
Unlike other cities, Las Vegas doesn’t have a traditional big downtown office market — its skyline is filled with towering hotel-casinos.
But for many years, the Hughes Center, off Flamingo Road a mile east of Las Vegas Boulevard, was widely seen as the region’s top office district. It was packed with lawyers, accountants, commercial real estate brokers and other white-collar workers.
In 2004, then-owner Crescent Real Estate Equities Co. reported that the Hughes Center was 94 percent leased.
And in 2013, New York investment giant Blackstone acquired the Hughes Center for $347 million, saying the deal marked a continuation of its strategy of buying high-quality assets in select submarkets.
Moving out
Eventually, however, the Hughes Center lost numerous tenants to newer buildings in the suburbs.
By 2023, the landlord had reportedly stopped making payments on its $325 million loan for the property, and in 2024, District Judge Susan Johnson appointed a receiver to take control of the office park.
The receiver, Logic, was given authority to sell the property, court records show.
The Hughes Center is centrally located in the Las Vegas Valley. But workers there must deal with heavy traffic around the area, given its proximity to the Strip, UNLV, Harry Reid International Airport and other big sites, slowing their commutes.
And when developers put up high-end office buildings in less-congested areas in recent years, with coffee shops, eateries and other amenities right nearby, if not just steps away, tenants in the Hughes Center started moving to the new digs.
Many of them, including CBRE, moved to UnCommons, a big mixed-use development in the southwest valley that features office buildings, apartments and food-and-beverage spots.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.
