Here since 1974, company to retain Petaluma satellite office for property and construction management
[caption id="" align="alignright" width="190" caption="Matt White, president, Basin Street Properties"][/caption]
PETALUMA – Basin Street Properties, a key player in fostering a cluster of startup firms known as Telecom Valley and redeveloping several blocks of downtown Petaluma, plans to relocate its headquarters to Nevada next month as the company plans for office and hospitality projects in Western states.
Basin Street plans to moves its finance, accounting, leasing and marketing departments from Petaluma, where the company has been since Bill White formed it in 1974. Of the dozen employees affected by the move, four accepted the company's offer to work in what had been the Reno satellite office. Basin Street is hiring 10 there to fill those roles. The transition is set to begin Aug. 17 and finish by Aug. 24.
"Long term, Reno is a good hub to do business as we continue to expand in the Western U.S.," said President Matt White. "The business climate in the Bay Area and in Sonoma County has become more difficult."
The company is fully committed to supporting its North Bay communities and properties, he said. Basin Street will retain 20 employees in Petaluma to oversee property management and construction not only in the North Bay but also in Sacramento and Reno.
The relocation to Reno has been in-progress for a while, and the timing is "1,000 percent coincidental" with a new development-cautious majority on Petaluma's City Council, Planning Commission and Site Plan and Architectural Review Committee, according to Mr. White.
Basin Street started focusing on Reno in late 2005 as part of geographical and product-type diversification. The company had just a few months prior inked a deal with Equity Office, now part of New York-based equity firm The Blackstone Group, to acquire 1.43 million square feet of office space in Marin and Sonoma counties for $263 million.
Basin Street leveraged the proceeds to purchase office and retail properties in Petaluma and acquire two office properties and a small shopping center in Reno. The company in early 2007 entered the Sacramento market with acquisitions of office buildings. Soon thereafter the Basin Street Hospitality division was formed to acquire and build hotels, including two completed recently in Suisun City and Windsor. Basin Street currently has a portfolio of about 2 million square feet and employs 50, including four in a Sacramento satellite office.
"Our success has been predicated on our ability to understand the intricacies of local markets and to serve those communities," Mr. White said. "As we move into this next phase of our company's growth and enter new regions, we remain committed to delivering projects that cater to the interests of all our community constituents."
Target markets for office and hospitality projects are Oregon, Utah, Idaho and areas of Northern California.
Basin Street retains land for one office building each in its Harvest and Fountaingrove developments north of Santa Rosa as well as land for additional office space in Redwood Business Center in north Petaluma.
Related story: "Basin Street plans future in other states," May 14, 2007