Press Releases
Basin Street Properties Strikes Deal to Purchase Bank of America Plaza in Nevada
Prominent Northern California Real Estate Developer Acquires Downtown Reno Office Complex for $34.6 Million
PETALUMA, Calif. – December 15, 2005 - Basin Street Properties, a prominent Northern California developer of commercial and mixed-use properties, has acquired downtown Reno's preeminent Bank of America Plaza, now called 50 West Liberty, for $34.6 million. The acquisition of the Class "A", twelve story office tower marks Basin Street's entry into the Reno market. With a connecting four-story building and parking structure, the complex consists of 248,000 sq. ft. of office space and features panoramic views of the surrounding Sierra Mountains, Truckee Meadows and Downtown Reno. Current tenants include such marquee companies as Bank of America, Deloitte & Touche, Lionel Sawyer & Collins Ltd., New York Life, and HMC Architects.
"Reno is in the midst of a major revitalization effort and this project is poised to help shape the city's future," said Matt White, president of Basin Street Properties. "The 50 West Liberty building is located in the heart of downtown Reno, and we are excited to be a part of the city's overall redevelopment efforts. Through our experience in redeveloping downtown Petaluma in Northern California, we know first-hand the factors that contribute to creating successful and vibrant communities."
In July, Basin Street sold $263 million of its portfolio to Equity Office Properties Trust in an effort to focus on strategic real estate initiatives, including the development, acquisition and redevelopment of properties throughout Northern California and the Western United States. The deal, considered the largest in the North Bay region of Northern California positioned the company to focus on other geographic markets, such as Reno, which was ranked number one on Inc. Magazine's "Best Places to Do Business in America" list.
Basin Street has become widely recognized and praised for its revitalization of downtown Petaluma, Calif. The company was instrumental in rejuvenating the area by undertaking a historic redevelopment project, which added 226 state-of-the-art residences, a premier 12-screen cinema, and a parking structure. Basin Street also preserved the historic waterfront area and developed a river walk, constructed 100,000 sq. ft. of retail space and 100,000 sq. ft. of office space, and designed a lively public plaza to accommodate outdoor entertainment.
"We plan to utilize our past experience in Petaluma to help rejuvenate downtown Reno by complementing the city's efforts," added Scott Stranzl, vice president of Basin Street. "The 50 West Liberty Building is centrally located to many of Reno's attractions and is in walking distance to restaurants, shops, museums and businesses. Basin Street's goal is to position the building as a contributing influence to the downtown core by adding ground floor retail that will provide our tenants and the surrounding community with convenient access to local amenities. We look forward to bringing our in-depth knowledge and experience to this flourishing area and are excited to be a part of Reno's future growth and prosperity."
50 West Liberty (Bank of America Plaza) is located at the corner of West Liberty and Virginia Streets in Reno's downtown office core. The building occupies a premier location and accommodates a variety of tenants and industries, including financial services, insurance, legal and consulting firms.
Basin Street Properties is located in Petaluma, Calif. and is one of Northern California's prominent developers and managers of commercial properties. Founded more than 30 years ago, the company offers a broad range of real estate services, 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.
