A planned sale of the Hughes Center office park near the Las Vegas Strip has fallen through. Court-appointed receiver Logic Commercial Real Estate disclosed in a Clark County District Court filing last week that the transaction with buyer Borden Industries was canceled in early October after the expected closing date was extended several times. Logic stated that despite "significant efforts to finalize the transaction, the sale was ultimately canceled."
The deal would have marked a new chapter for the 55-acre campus at Flamingo and Paradise roads, once considered the valley's premier office address. The property spans nearly 1.4 million square feet of office space with a 61 percent vacancy rate, plus more than 98,000 square feet of retail space at 15 percent vacancy. Borden Industries, founded by former Switch executive Michael Borden, had alluded to redevelopment plans for the campus.
The Hughes Center's decline reflects a broader shift in the local market. In 2004, the complex was 94 percent leased. After Blackstone acquired it for $347 million in 2013, tenants gradually moved to newer suburban buildings in areas like Summerlin. By 2023, the landlord had reportedly stopped payments on a $325 million mortgage, leading District Judge Susan Johnson to appoint Logic as receiver in 2024.
District Judge Maria Gall approved Logic's motion to sell the property to Borden in late July, but the deal collapsed. Logic Chairman Brendan Keating, CEO Jeff Jacobs, Borden Industries founder Michael Borden, and brokerage CBRE Group — which was hired to find a buyer — did not respond to requests for comment. Logic continues to oversee operations and leasing at the property.
Sources: Las Vegas Review-Journal
Original reporting: Las Vegas Review-Journal →
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