JLL completes $57M sale of Red Rock Resorts headquarters
Located in Downtown Summerlin, a premier destination with unparallel amenities in Las Vegas
LAS VEGAS, December 17, 2019 – JLL announced today that it has closed the $57 million, or $411 per square foot, sale of 1505 South Pavilion Center Drive, a 138,558-square-foot, single-tenant, Class A office property that serves as the trophy headquarters for Red Rock Resorts, Inc. in Las Vegas, Nevada.
JLL marketed the property on behalf of the seller, Service Properties Trust, and procured the buyer.
The iconic property was completed in 2007 in conjunction with the adjacent AAA Four Diamond Red Rock Casino Resort and Spa. 1505 South Pavilion Center Drive is positioned on a three-acre site near the intersection of Interstate 215 and Charleston Boulevard providing direct access to the entire metro Las Vegas area and the amenities of the Red Rock Resort Casino & Spa and Downtown Summerlin, a 400-acre 1.6-million-square-foot outdoor shopping, dining and entertainment center. Additionally, the property is adjacent to the City National Arena, which is home to the Vegas Golden Knights of the NHL, and the Las Vegas Ballpark, home to the Las Vegas Aviators baseball team.
The JLL Capital Markets team representing the seller was led by Senior Vice Presidents Tivon Moffitt and Peter Bauman and Executive Vice President Bret Davis.
“JLL has been very active with single-tenant office product in the Las Vegas market, which is continuing to experience booming economic and population growth with fundamentals for long-term continued inbound migration,” said Moffitt.
“We continue to see diverse capital sources seeking quality single tenant investments in growth markets, Bauman said. “We do not anticipate any slow down with these capital demands especially with single tenant assets.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Service Properties Trust is a real estate investment trust, or REIT, which owns a diverse portfolio of hotels and net lease service and necessity-based retail properties located in 45 states, Washington, D.C., Puerto Rico and Canada. SVC’s properties are operated under long term management or lease agreements. SVC is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company that is headquartered in Newton, Massachusetts.