Press Releases
Basin Street Properties Relocates Corporate Offices from California to Downtown Reno and Partners with C4CUBE to Provide Facilities for High Tech Business Incubator
RENO, Nev. – Aug. 24, 2009 – Basin Street Properties (www.basin-street.com), a prominent West coast real estate investor in commercial and mixed-use properties, is relocating its corporate headquarters from Petaluma, Calif., to downtown Reno this week and is simultaneously announcing its new partnership with C4CUBE to provide facilities for its high tech business incubator project in the downtown redevelopment district.
Basin Street is settling into its offices at 300 E. 2nd Street in downtown Reno this week, announced president and CEO Matt White. It has recently hired 10 of its planned 13 new employees who will be added to the existing staff of seven, to staff the new Reno office. In Reno, the company’s portfolio includes more than 600,000 square feet of office and retail space throughout four projects, making Basin Street the largest office space owners in the downtown Reno area. Basin’s Street’s three downtown Reno office properties are at 50 West Liberty, 200 S. Virginia and the East 2nd location. It also owns a retail center, Coliseum Meadows, at South Virginia and Kietzke.
“Reno is critical to our overall business strategy and it is an ideal location for us as we pursue opportunities to expand our real estate services throughout the Western region,” said White. “It offers a remarkable platform for growth in our Class A office properties in downtown Reno, and we feel we bring the needed experience and energy to create fully leased, vibrant centers. We were so impressed by the opportunities and potential in Reno, and knew that our investment in the area was truly the right business decision… including moving our own corporate offices from California,” continued White. “Doing business in Reno compared to California is a dream come true for a fast-paced, growth-focused company like ours. We are totally committed to Reno for the long term and the size of our investment in these three office buildings speaks to that.”
Basin Street also announced its partnership this week with C4CUBE, a business incubator (www.C4CUBE.com), and is providing 12,000 sq. ft. of space in its 300 E. 2nd Second St. location for high tech start up companies that C4CUBE is incubating in northern Nevada. Basin Street will also be providing space for C4CUBE’s monthly investor meetings that have attracted substantial interest from local entrepreneur and investor communities. C4CUBE estimates that as many as 300 jobs could be created within the next four years through the companies that lease space within the business incubator. C4CUBE will begin moving into the space September 1. It will initially will move three employees into the offices, as well as assist its incubator companies to move in their employees beginning later in September.
The C4CUBE business incubator is being established to bring a center for advanced entrepreneurship to northern Nevada. It is designed to attract and grow high-tech businesses and develop interactions with the local business community, local/regional investor groups and academic institutions. The initial businesses identified to occupy the incubator space are: 3D Armor Systems, Inc. and First Warning Systems, Inc. In addition C4CUBE is in discussions with 17 other companies to potentially lease space.
C4CUBE managing director Lee Ky Good said, “The partnership that has emerged between C4CUBE and Basin Street Properties brings together two companies who are committed to growth in northern Nevada and who understand that, historically, entrepreneurs lead the way to economic recovery.”
“We are proud to we are partnering with an organization to provide a platform for start up companies to be successful,” said Scott Stranzl, Basin Street’s vice president of leasing, “Our role as a partner is to allow them to financially grow into the space that they will eventually need for their business plans. We are partnering up front with these companies, with the expectation that they will grow along with us and it will take time. Our philosophy is to understand tenants’ needs, and provide long-term real estate solutions.”
Basin Street this week also announced the completion of a lease with Electrum USA Ltd., a management services company of a privately-held gold exploration company. Electrum signed a five-year lease agreement for more than 4,000 sq. ft. at 50 West Liberty St.
Basin Street Properties, headquartered in Reno, Nev., is one of northern California’s and northern Nevada’s prominent developers, investors and managers of commercial properties. Basin Street has become widely recognized for its office, retail and mixed-use developments. 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, visit www.basin-street.com.
