Blackstone said Monday that it has acquired the Hughes Center in Las Vegas for $347 million from an undisclosed seller.
The Hughes Center is an office campus with 1.4 million square feet of office space, several restaurants and three undeveloped parcels. It is located along Howard Hughes Parkway.
Blackstone, which struck the deal through its subsidiary Equity Office Properties, said the deal marks a significant foray into the Las Vegas market and is part of the company's strategy to acquire high-quality assets in select submarkets. Equity Office will handle management operations and oversee leasing for Hughes Center.
Equity Office owns more than 70 million square feet of top-tier office space throughout the U.S. Blackstone Group L.P. is an investment management firm based in New York.
Blackstone shares fell 22 cents to $24.03 by midday, in line with a broader market dip.