IGT Sells Las Vegas Complex for $75M, will Lease Back Office Space
Wednesday, January 6th 2016
LAS VEGAS, NV – The former Las Vegas headquarters for slot machine giant International Game Technology was sold for $75 million less than a year after the building in the southwest Las Vegas Valley was listed.
Colliers International said Tuesday that Panattoni Development acquired the 610,410-square-foot office, warehouse and manufacturing facility at 6355 S. Buffalo Dr. IGT signed a long-term lease and will retain the three-story office space to house sales, marketing and other corporate functions.
The site sits on a nearly 38-acre site and Panattoni plans to reposition the property for multiple tenants.
“The acquisition of a signature property of this scale is a rare opportunity and allowed us to significantly increase our holdings in Southern Nevada,” said Panattoni Development partner Doug Roberts.
IGT put the building up for sale following a $6.4 billion merger with lottery giant GTECH Holdings. The new company is headquartered in London but also maintains corporate facilities in Rome, Rhode Island and Nevada.
IGT is using its 1.2 million-square-foot Reno manufacturing facility as the central hub for its slot machine business and intends to transfer the manufacturing of its North American lottery equipment to Northern Nevada by the end of the year.
IGT North America CEO Renato Ascoli said the leaseback allows the company “to maintain our presence at the South Buffalo site, consolidate all our employees under one roof with no significant disruption, and enhance collaboration through new innovative office environments.”
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Find @howardstutz on Twitter.