Sale of big office park near Las Vegas Strip pushes ahead

A Clark County district judge has cleared the way for the sale of the Hughes Center office park near the Las Vegas Strip, approving a request by the court‑appointed receiver to market the property while keeping financial terms under seal. District Judge Maria Gall signed the order on July 28, granting Logic Commercial Real Estate permission to proceed with the transaction and to keep the purchase price confidential. The buyer, Borden Industries, is expected to close the deal sometime in September, according to the receiver’s filing in Clark County District Court. As part of her ruling, Gall approved the acquisition statement and authorized Logic to finalize the sale, court records show. The Hughes Center, located at the intersection of Flamingo and Paradise roads, encompasses roughly 1.4 million square feet of office space spread across several buildings, plus about 98,000 square feet of retail area. Once viewed as Las Vegas’s premier office district, the campus has seen rising vacancies. Logic’s filing indicates that approximately 61 percent of the office space is vacant, while about 85 percent of the retail space remains occupied. The property’s recent history includes a 2013 purchase by Blackstone for $347 million. By 2023 the owner had reportedly ceased payments on a $325 million loan tied to the Hughes Center, prompting District Judge Susan Johnson to appoint Logic as receiver in 2024 to take control of the asset. Attorneys for Logic, representing Duane Morris LLP, argued that the sale details are “highly delicate and confidential” and pertain to “a yet to adjacent important existing property transaction, including fiscal presumption which are inactive being negotiated and finalized.” They contended that the public has “precise small involvement successful this information, arsenic it is hard to spot however specified details would payment nationalist cognition oregon knowing of this suit pertaining to the assignment of the Receiver.” They further warned that releasing the information “could effect successful misuse, perchance harming the interests of the parties involved, and enactment the woody successful jeopardy.” In Clark County, closed real‑estate transactions typically disclose terms on the county deed, but the parties successfully moved to seal the Hughes Center deal. Borden Industries, founded by Michael Borden—a former top executive at Switch, the data‑center firm led by his brother Rob Roy—states on its website that it intends to turn the site “into the adjacent premier destination for residents and visitors alike.” The company’s website quotes: “We are prepared to present a visionary, economically impactful, and assemblage driven redevelopment that reflects the aboriginal of Las Vegas.” Borden’s interests, per the firm’s online profile, span manufacturing, biotechnology, nuclear power, and defense technology. The portfolio also lists the “Howard Hughes Corridor,” described as “In Closing.” The sale remains pending, with the financial terms still shielded from public view as the receiver works to finalize the transaction.