In re Hughes Center Receivership (Blackstone CMBS Default, Court-Ordered Sale to Borden Industries)
Eighth Judicial District Court Judge Maria Gall approved the sale of Hughes Center, a 68-acre, 1.4-million-square-foot Las Vegas office and retail campus, to Borden Industries on July 28, 2026, closing out a roughly two-year court-ordered receivership. The receivership began after a Blackstone-affiliated ownership entity defaulted on a $325 million CMBS loan and Wells Fargo, acting as trustee for the loan's noteholders, moved to have Logic Commercial Real Estate appointed receiver.
Why it matters
Shows a full CMBS special-servicing-to-receivership-to-sale cycle for a large mixed-use office asset undermined by tenant migration to newer submarkets, and confirms that Nevada courts will seal receivership sale pricing from public dockets on a proper showing. Special servicers and receivers handling distressed office campuses with a healthier retail component should study the marketing approach here as a template for finding buyers outside the traditional office-investor pool.
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