LAS VEGAS--(BUSINESS WIRE)--The Howard Hughes Corporation® (NYSE: HHC) announced today that it has finalized a 15-year, build-to-suit lease with Aristocrat Technologies, Inc., allowing the leading global provider of land-based and online gaming solutions to consolidate several of its Las Vegas facilities to a new campus in the Summerlin® master planned community. Aristocrat’s new campus will be located minutes away from Downtown Summerlin®, reflecting the growth of commercial offerings in the community’s urban core as Summerlin continues to gain appeal as a workplace. The relocation is in line with the growing corporate trend to locate workplaces closer to where employees live in an effort to shorten commutes and boost quality of life.
The two-building campus, encompassing approximately 180,000 square feet, is planned on the corner of Hualapai Way and the 215 Beltway. The three-story structures—approximately 90,000 square feet each—will reflect the high standard of design for which the community is known. The campus and site boast notable Beltway visibility, providing Aristocrat with significant opportunities for freeway signage.
“With the continued growth of Downtown Summerlin, the community is becoming an even more appealing destination to live, work, and play,” said David R. Weinreb, Chief Executive Officer of The Howard Hughes Corporation. “Aristocrat is an excellent addition to Summerlin. The company’s employees will be able to enjoy the amenities our community has to offer, from nearby walking trails and parks to the exceptional shopping, dining and entertainment options at Downtown Summerlin, located just minutes from the new Aristocrat campus.”
More than 600 Las Vegas-based Aristocrat employees, currently housed in multiple buildings located on Warm Springs Rd. west of the 215 Beltway entrance, are expected to make the move to the new Summerlin campus once it is completed in late 2018. The project is expected to cost approximately $45 million excluding land and generate a stabilized yield on cost of approximately 9%.
“The Aristocrat team evaluated a significant number of options for relocation across the Valley. We are very pleased to be working on this project with The Howard Hughes Corporation as they share our vision for building a best-in-class facility. The location we have selected in Summerlin will enable us to provide our employees and our customers with a world-class facility,” said Aristocrat Executive Vice President and General Counsel Mark Dunn.
Developed by The Howard Hughes Corporation, Summerlin began to take shape in 1990 and has ranked in the country’s top 10 best-selling master planned communities for nearly two decades. Located along the western rim of the Las Vegas valley, Summerlin encompasses 22,500 acres with approximately 6,000 gross acres still remaining to accommodate future growth, including infrastructure, open space and common areas, all within the master plan. The community is currently home to more than 100,000 residents who enjoy an unparalleled list of amenities. These include more than 250 neighborhood and village parks, more than 150 completed miles of trails, 25 public and private schools, 14 houses of worship, nine golf courses, shopping centers, medical and cultural facilities, business parks and dozens of actively selling floor plans. Homes are available in a variety of styles—from single-family homes to townhomes—priced from the $300,000's to more than $2.5 million. For information on custom homesites in The Ridges please call 702.255.2500. Visit www.summerlin.com for more information.
About Downtown Summerlin®
Downtown Summerlin is part of a planned urban center, serving the entire Las Vegas Valley. It includes retail, entertainment, office, hotel and multifamily residential elements, all designed to create a vibrant, walkable urban core within the award-winning 22,500-acre master planned community of Summerlin. Downtown Summerlin totals nearly 400 acres between Charleston and Sahara and features more than 115 stores and restaurants in a streetscape-shopping environment with pedestrian thoroughfares and dynamic storefronts. The first phase of development opened to the public in October 2014. In 2016, The Constellation, a luxury multifamily development, opened in Downtown Summerlin with 124 new residences and construction began on the practice facility for Las Vegas’ first NHL franchise team. Located just east of the 215 Beltway, between Sahara Avenue and Charleston Boulevard, the development also includes a nine-story office building, ONE Summerlin. Additional information can be found at www.downtownsummerlin.com.
About The Howard Hughes Corporation®
The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Our properties include master planned communities, operating properties, development opportunities and other unique assets spanning 14 states from New York to Hawai‘i. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC with major offices in New York, Columbia, MD, Dallas, Houston, Las Vegas and Honolulu. For additional information about HHC, visit www.howardhughes.com.
Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize”, “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in The Howard Hughes Corporation’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
Aristocrat Technologies Inc. is a subsidiary of Aristocrat Leisure Limited (ASX: ALL), a leading global provider of land-based and online gaming solutions. The Company is licensed by more than 200 regulators and its products and services are available in more than 90 countries around the world. Aristocrat offers a diverse range of products and services including electronic gaming machines and casino management systems. For further information, visit the company’s website at www.aristocrat-us.com.