Panattoni Development announced its purchase of the IGT operating headquarters and manufacturing campus located on 6355 S. Buffalo Drive in the highly desirable southwest submarket of Las Vegas. According to Doug Roberts, local partner with Panattoni Development, the company plans to reposition the investment as a multi-tenant property available for lease. Marketed at $85 million on LoopNet, the property was reported to have closed for $75 Million.
Built specifically as a design-build for IGT in 2008, the property sits on 37.88 acres and features 610,410 square feet of Class A office space, and includes a fully air-conditioned warehouse space with 35′ clear height and 14″ thermo-mass insulated walls, as well as accessory office space including a full service cafeteria and fitness center.
Panattoni is off to a great start with its long-term lease strategy for the asset having secured IGT as its first tenant through a long-term lease-back of the entire three-story office building. Following its merger with GTECH last April, IGT consolidated its manufacturing operations to its existing Reno facility. However, the slot maker continues to be heavily invested in Las Vegas and will continue operating its North American Gaming and Interactive business at this location.
Panattoni and IGT were represented by the Colliers International team of Susan Borst, Dan Doherty, Taber Thill, Ryan Martin, Patti Dillon, Chris Lane, and Jerry Doty on both the sale of the campus and the lease-back of the office building. The Colliers Los Angeles Investment Team of Rick Putnam and Brett Hardy assisted on the sale. The Colliers Las Vegas team has also been retained by Panattoni to lease the remaining warehouse and accessory office space. Borst said “working with clients of this stature to reach their objectives on this high-image assignment was an amazing experience and opportunity. It’s not every day that you get to work on a project of this magnitude.”