Press Releases
Basin Street Signs Two Leases with Old Republic Title Company in Two Petaluma Properties
PETALUMA, Calif. – April 15, 2005 - Basin Street Properties, the leading developer of commercial and mixed-use properties in Sonoma, Marin and Napa counties, has signed two leases with Old Republic Title Company for Petaluma’s Waterfront Office Building and Redwood Business Park. No brokers were involved in this transaction.
Old Republic will occupy 3,112 sq. ft. of office space at Redwood Business Park and 2,500 sq. ft. in the Waterfront Office Building (part of downtown Petaluma’s Theatre District), commencing March 1 and August 12, respectively. Each lease has a term of five years.
“We have a long-standing, fruitful relationship with Old Republic,” said Scott Stranzl, vice president of leasing for Basin Street Properties. “This was an opportunity to meet the different real estate needs of two departments within their company. The variety of our portfolio allows us to fit each tenant with the ideal property – or, as in this case, properties. Redwood Business Park and the Waterfront Office Building are two vastly different options, but each is perfect for what Old Republic wanted.”
“After partnering with Basin Street on three or four leases, we know how great they are to work with,” stated Heidi MacDonald, senior vice president and county manager for Marin, Sonoma and Napa for Old Republic Title Company. “We’re especially excited about the Waterfront property, its close proximity to the downtown parking garage, doing business with our neighbors and all the accompanying amenities. We plan to take full advantage of being downtown.”
Old Republic Title is a part of Chicago-based Old Republic International Corporation, an insurance holding company whose subsidiaries market, underwrite and provide risk management services for a wide variety of coverages in the property and liability, mortgage guaranty, and title insurance fields. One of the nation's 50 largest publicly owned insurance organizations, Old Republic has assets of nearly $10.4 billion and capitalization of $3.9 billion. Its current stock market valuation is approximately $4.5 billion.
Redwood Business Park is a 1,100,000-sq.-ft. office campus facility with 30 buildings ranging from one to four stories in the heart of Telecom Valley. The park is home to many of Telecom Valley’s leading companies, including Cisco, Advanced Fibre Communications, Alcatel, Turin Networks, Intelisys and Merrimak Capital. Making the park’s location especially attractive to employees is its proximity to restaurants, a retail center, banking, public transit and day care facilities.
Waterfront Office Building, located at 201 First Street in The Theatre District of historic downtown Petaluma, is a three-story, Class-A property with 50,000 sq. ft. of office space. Featuring operable windows, outside decks and on-site parking, the building boasts a premier location offering high visibility and foot traffic, as well as close proximity to Highway 101. Direct access to public transportation is available, and a host of downtown amenities are footsteps away, including restaurants, shops, banks, and 12-screen movie cinema house.
The Theater District is centrally located in Petaluma's historic downtown and offers a new and vibrant destination for residents and workers within the city, throughout the North Bay and beyond. Located in the heart of historic Petaluma, the property boasts waterfront views and a number of retail amenities including a 12-screen movie cinema house. >From its open-air plaza, specialty shops and cafés to state-of-the-art office space and amenity-oriented apartments and lofts, The Theatre District is a development unlike any other in the North Bay.
Basin Street Properties is the largest developer and manager of commercial properties in Sonoma, Marin and Napa counties. Founded more than 25 years ago, the company offers a broad range of real estate services to the Northern California Bay Area real estate market, including development, property management, construction management, financial and asset management, and property acquisition and disposition. For more information on Basin Street Properties, please call 707.795.4477 or visit www.basin-street.com.
