NORTH BAY BUSINESS JOURNAL EVENT

Best Places to Work 2008 Awards Reception

September 25, 2008, 5:30-7:30 p.m., Doubletree Hotel, Rohnert Park

E-Mail Express

Name:

Company:

E-mail:

Phone:

Basin Street makes $29 million entry to Sacramento office market

PETALUMA -- Basin Street Properties, which built about a third of the top-end office space in Sonoma and Marin counties, today said it made its first move into the Sacramento market with the acquisition of an office complex for about $29 million.

The recent acquisition of the 168,000-square-foot California Center Business Park property is part of Basin Street's new emphasis on larger urban markets, expanding beyond suburban markets such as Petaluma, Novato, Santa Rosa and more recently Reno, Nev., according to President Matt White.

"Our move into Sacramento is indicative of our growth strategy, which is to penetrate viable mid-market, urban centers in the Northern California and Northern Nevada regions," he said in a statement.

It's part of a diversification of the company's portfolio after the $270 million deal in 2005 to sell most of its North Bay office portfolio to Equity Office Properties Trust, which was acquired by The Blackstone Group. Since then, Basin Street has been reinvesting the money in a few acquisitions and projects in Reno and the purchase in Petaluma of Golden Eagle Shopping Center and the Legacy Marketing Group office building.

California Center Business Park is a three-building campus at 8950 Center Drive along Highway 50. The complex is nearly 80 percent leased to Federal Express, Granite Land Co., Providence Funding and SRA International.

The Sacramento metropolitan area has a population of 1.2 million and 454,000 people who work in the city limits, according to 2006 census figures. The area has an office-space inventory or 65.7 million square feet, according to NAI BT Commercial Real Estate.

Book of Lists Online