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Griffin Capital Essential Asset REIT II pays $66.5M for Las Vegas office property

GriffinCapital Essential Asset REIT II Inc. bought a class A officeproperty in Las Vegas from Panattoni Development Co. for $66.5 million.

The three-story, 222,268-square-foot property serves as theheadquarters for the North American Gaming and Interactive business unit forInternational Game Technology PLC.

The property is fully leased to IGT under a triple-net leasewith a 14.3-year remaining term upon acquisition, expiring in December 2030.

IGT has occupied the built-to-suit office since it wasconstructed in 2008.