Panattoni Development on December 30 paid million to buy the 610,410-square-foot International Game Technology (IGT) building in southwest Las Vegas.
Located at 6355 South Buffalo Drive, the sale includes the 38-acre parcel on which the building is situated, and Panattoni said it will reposition the property to rent out to several commercial tenants.
Although IGT sold the property, it continues leasing the three-story office building, where IGT houses its sales, marketing and other office staff.
IGT said the move enables it to consolidate its staff in Las Vegas, while improving its service to current and future customers, including new product offerings via a recent merger with lottery firm GTECH Holdings. IGT last year completed a $6.4 billion merger with GTECH, which is based in London but also has operations in Nevada, Rome and Rhode Island.
IGT listed the building for sale a year ago, and intends to move its North America lottery machine manufacturing operations to northern Nevada, where IGT has a 1.2 million-square-foot facility in Reno.
IGT initially sought $85 million for its Las Vegas building. Panattoni officials said they want to use the rest of its new 38-acre campus for industrial warehousing, which is underserved in the Las Vegas Valley.