LAS VEGAS-Equity Office Properties, a wholly-owned subsidiary of Blackstone, has invested $347 million on the acquisition of Hughes Center by Blackstone Real Estate Partners VII. Hughes Center, a master planned office campus, includes 1.4 million square feet of class A office space, several restaurants and three undeveloped parcels. Information on the selling entity is undisclosed.

The investment marks the continuation of Blackstone's strategy to acquire high quality assets in select submarkets. Equity Office, a wholly-owned affiliate of Blackstone, will handle management operations and oversee leasing for Hughes Center. The transaction represents a significant foray into the Las Vegas market by Blackstone.

“We see this as a tremendous opportunity to add value, both from a market entry standpoint and with our commitment to operate these buildings at the same high level as the balance of the Equity Office portfolio,” said Frank Campbell, managing director, Southern California for Equity Office. Equity Office will retain the onsite staff in order to provide a seamless transition.