Located at 101 Convention Center Dr., the 12-story building was 90% occupied at the time of sale. Tenants include Cox Communications, AIG, the State of Nevada and the US Post Office Fraud Division.
The buyer is Tomorrow 33 Convention LP, which plans to syndicate it to investors in Germany, says Michael Ross of Colliers Seeley International's Los Angeles office, who handled both sides of the transaction with Thomas Stilley of Colliers' Las Vegas office.
"The goal was to locate a property that not only had long-term growth potential but also one that was a strong acquisition in today's current market," says Ross. "This enabled (the buyer) to present a winning investment opportunity to its overseas clients."
The seller was a joint venture between Legacy Partners and ING Realty Partners. Legacy acquired and renovated the building in 1999. The building now overlooks the $2.4-billion Wynn Las Vegas Casino, which is currently under construction by casino developer Steve Wynn.
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